Property Ownership
A South Carolina property developer who creates a planned community is required to establish which document to govern the HOA?
AA property management agreement
BA Declaration of Covenants, Conditions, and Restrictions (CC&Rs)✓ Correct
CA builder's warranty
DA SCREC-approved community governance plan
Explanation
The Declaration of CC&Rs (also called the master deed or declaration) is recorded with the county and establishes the rules, restrictions, rights, and obligations for all property owners in a planned community or condominium.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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