Can I Park My Work Truck in My Laneway?
Can I install a pool, fence etc…?
Can you imagine how your purchaser would feel if they had a firm deal on a property and when they were signing up with their lawyer they were informed about restrictive covenants registered on the title? It is too late to back out of the deal now.
A covenant is a contractual arrangement. A restrictive covenant is a promise not to do something. A restrictive covenant limits what the owner of the land can do with their property. If a restrictive covenant is registered on the property surrounding property owners, how have similar covenants, can start a court action to enforce the covenants.
Restrictive covenants are intended to enhance the property values by controlling things like what vehicles can be parked on the property, what changes can be made to the building, whether pools can be installed or clothes lines ..etc. A person who purchases a property with restrictive covenants must honour those limitations. Additionally, all future owners much also honour those limitations for as long as the covenants remain valid.
As a listing agent you should be aware of any restrictions. The parcel register that is available at the registry office or on Geo Warehouse will clearly identify if restrictive covenants are registered on the property. It was say “Annex Rest Cov”. If also usually notes when it was registered and how long they are valid. If this is noted on the parcel register and it is still valid that document should be pulled and reviewed. As a buyer’s agent you should ask the listing agent if there are any restrictions on title.