Business, Legal & Accounting Glossary
n. commonly called “CC and Rs,” these are written rules, limitations and restrictions on use, mutually agreed to by all owners of homes in a subdivision or condominium complex. CC and Rs may limit size and placement of homes, exterior colors, pets, ages of residents, use of barbecues and other conduct to protect the quiet enjoyment of the various residents. CC and Rs are enforced by the homeowners association or by individual owners who can bring lawsuits against violators and are permanent or “run with the land” so future owners are bound to the same rules. Most state laws require that a copy of the CC and Rs be recorded with the County Recorder and be provided to any prospective purchaser.
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This glossary post was last updated: 27th April, 2020 | 0 Views.