Deed Restrictions and Covenants

Deed Restrictions and Covenants - I. Deed Restrictions and...

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I. Deed Restrictions and Covenants II. Value of Property a. Division of Property Rights 1. Use a. Could allow the Right of Use in perpetuity i. Ex: Beach house in Dolan case ii. Use of easement to provide public utility 2. Exclusion 3. Disposition b. Property vs Contract Concept i. Could sell an easement to your neighbor for access to lakefront access 1. This is a property concept, is associated with your property 2. Selling the easement to the neighboring property owner a. Is transferable to next owner ii. For this idea to be a contractual agreement 1. Is between individuals 2. If new neighbors move in, they must re-negotiate a new agreement c. Deed Restrictions and Covenants i. Ex: Two neighbors 1. Bundle some property rights together and then enjoy those rights in common 2. Ex: May restrict use of property a. We will not park vehicles on the street at night b. Will not paint houses purple unless everyone agrees 3. Typically come in the form of homeowners’ associations a. In most Common Law states, anyone can pursue the
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This note was uploaded on 10/19/2008 for the course ECON 4450 taught by Professor Turnbull during the Spring '08 term at Georgia State University, Atlanta.

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Deed Restrictions and Covenants - I. Deed Restrictions and...

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