Deed restrictions are private agreements that restrict the use of real estate in some way which becomes a clause on the deed. A deed is the legal document conveys or transfers the ownership rights of a particular property. Deed restrictions, also known as a restrictive covenant, “run with the land” meaning they travel with the transfer of the deed from one owner to the next. Attempting to change a deed restriction typically takes a large amount of time and effort combined with costly legal expenses.
Deed restrictions can limit how a property can be used or what can be built on a particular property. Restrictions can cover things such as: View obstructions of the neighbors, limits on vehicle and recreational vehicle storage on your property, fence style and size, protection of trees from removal, lawn care, limits on the number of pets, rental restrictions and so much more.
Summit County typically utilizes deed restrictions to keep costs down, so home ownership in our costly county can be achieved by the local workforce. These typically include restrictions such as:
The deed restricted property must be the owner’s primary residence
At least one member of the household must be employed in Summit County an average of 30 or more hours a week annually
The total household income must be at or below a certain percentage of the Area Median Income (AMI)
Limits or exclusions on short term rentals
Appreciation limits, typically fixed at 2-3% annually
All deed restrictions are different! If you have questions about your home’s deed restrictions please contact The Summit Combined Housing Authority.
Looking at the possibility of purchasing a deed restricted home in Summit County? Contact me to discuss the options available locally. Summit County currently has a strong inventory of deed restricted new builds ranging from condos to duplexes and even single family homes! Contact me for more information on these current projects or to stay apprised of any future deed restricted development.
Looking to learn more about the home buying process? Summit Combined Housing Authority in combination with CHAFA offers excellent FREE classes for anyone interested in learning more about what it takes to purchase a home from deciding if you’re ready to buy a home, mortgage lending, general real estate information, and what to expect and plan for after purchasing your home. It is recommended that you take this class as early in the process as possible to help you feel more confident and informed as you plan to purchase your dream home.
Contact me to learn more about deed restrictions and to find out if they might be a good fit for you here in what is known to be a very expensive place for locals to to survive.
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