Property Ownership
A 'declaration of covenants, conditions, and restrictions' (CC&Rs) in a NC planned community is recorded to:
ACreate a government-mandated zoning change
BEstablish privately enforceable land use restrictions that run with the land and bind all current and future owners✓ Correct
CProvide a property tax exemption for the community
DTransfer ownership to the HOA
Explanation
CC&Rs are recorded documents that establish private land use restrictions for a planned community, binding all current and future property owners and enforceable by the HOA and neighboring owners.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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