OTHER ENCUMBRANCES Real property is subject to many other potential

Other encumbrances real property is subject to many

This preview shows page 256 - 258 out of 361 pages.

OTHER ENCUMBRANCES Real property is subject to many other potential encumbrances including: Covenants, conditions and restrictions (CC&Rs) are the “deed restrictions” that control the use of property and architectural style. Private deed restrictions are limitations placed in a deed when property is conveyed to a new owner. As a rule, these deed restrictions apply to all future owners. Easements for ingress/egress and utilities. ENVIRONMENTAL HAZARDOUS SUBSTANCES AND CONDITIONS Radon is a naturally occurring, colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground. Radon enters homes through the foundations. HUD does not require radon testing for FHA loans. Mitigation is the term used to describe methods used to lower levels of radon in homes and other buildings.
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Copyright © 2017 Champions School of Real Estate ® 257 Chapter 10 Interests In Real Estate Asbestos is used to insulate pipes, in chimneys and in roofs, as well as flooring materials and siding. Problems arise in its removal because the dust can be extremely hazardous. There is no duty for the seller to remediate the presence of asbestos, simply to disclose it. To remove asbestos, the area must be sealed off, and then the asbestos removed. The building does not have to be tented. It is better to encapsulate asbestos than to remove it. An asbestos abatement plan outlines the method to handle the control of asbestos found in a property. Urea Formaldehyde Foam Insulation (UFFI) is pumped into walls as a foam, it hardens and insu- lates. Moisture softens the hardened material and causes the release of hazardous gas. Lead is found in paint and pipes and soil – use the Lead Paint Disclosure for all properties built before 1978. The seller is responsible for providing the Lead Paint Disclosure. The disclosure allows buyers to waive their right to a lead inspection. Older homes may have lead plumbing. Lead is haz- ardous when eaten or when inhaled in dust particles. There is no duty to remediate lead. Landfills or waste disposal sites that are improperly constructed can lead to groundwater contam- ination. Know locations, and disclose. Recommend water testing. Underground storage fuel tanks , old, rusty or leaking containers can cause groundwater contami- nation. Sometimes found on both commercial and residential properties, these are commonly called USTs. Recommend water testing. Farming herbicides and pesticides are another source of groundwater contamination. Recommend water testing. Electromagnetic Fields (EMFs) caused by high-tension power lines are a controversial topic. Know their location, and disclose. PRIVATE CONTROL OF LAND USE The most common private controls of land use are deed covenants, conditions and restrictions (CC&Rs) and property owner association (POA) regulations. The style and appearance requirements of improve- ments are set by covenants (garages facing the rear of the property, etc.). CC&Rs are found in a recorded document called a Declaration of Restrictions
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