If you live in a neighborhood with a homeowner’s association, then you are required to follow the rules outlined in the Declaration of Covenants, Conditions & Restrictions (CC&Rs). The CC&Rs are intended to preserve the value of the community by protecting and caring for properties in the neighborhood, and failing to comply with them could lead to severe consequences for homeowners. They are most often used in planned developments including gated residential communities, condominium associations, and housing cooperatives.
CC&Rs weren’t created without reason, they actually provide substantial benefits to residents. For example, they serve to keep residents safe and maintain a clean, attractive look within the community. Also, neighborhoods with CC&Rs tend to retain property value better than those without them, but ultimately, these benefits can come at a cost. There may be times when the HOA’s rules prevent you from doing what you want, hence the “restriction” part of CC&R. For instance, if you want to install a new garage door, the HOA may not allow you to if the new door does not match the other garage doors in the neighborhood. If you violate the CC&R’s, you can be fined or even sued by the HOA.
When you buy a home in a covenanted community, you are required to sign a binding agreement to abide by the community’s CC&Rs. This agreement holds you responsible for following all of the HOA’s rules and makes you liable for penalties and violations. Penalties can include fees for late HOA payments or non-compliance with CC&R rules.
CC&R’s and Foreclosure
One of the biggest issues people run into with CC&Rs is paying monthly dues to the Homeowner’s Association on time. If you fall behind on these payments, or fail to pay other fines or fees you have incurred, the HOA has the power to force your home into foreclosure.
If you’re in a situation where you’ve missed HOA payments or have violated your neighborhood’s CC&Rs, you may be facing the risk of foreclosure. Seek out the expertise of a Miami foreclosure attorney for advice and guidance. The team at Graham Legal can help answer all of your questions, so give us a call today.