Property Ownership
In South Carolina, a 'deed restriction' (restrictive covenant) is:
AA government-imposed zoning requirement
BA private limitation placed in a deed that restricts how the property may be used✓ Correct
CA lender's requirement for property insurance
DA court order limiting property transfer
Explanation
A deed restriction (restrictive covenant) is a private limitation placed on property use through the deed or a recorded declaration. Common examples include architectural standards, use restrictions, and minimum home sizes in subdivisions.
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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).
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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