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We bought a 2500 square foot home within a sub-division nearly a year ago. (First time home buyers). And recently, we found out that 10 feet of our property is in fact a public access way to the common five acre area behind our house (as well as the other homes located on our street and another) within our subdivision. The homeowners association is now wanting to place a concrete path so that residents within our subdivision have access to this common area. Now we had plans on having a beautiful wooden fence around our property for privacy. But they are saying they will place a cast iron fence on one side of our house but not the entire house. They will not use wood like we prefer. At any rate, I really don't think anyone would be interested in purchasing our home mainly because of this public access area if we decide to sell out. My question is this: will this pathway to the common area lower our home's property value which would make it harder to sell and make profit off of it?

2007-03-11 04:23:54 · 2 answers · asked by charmed4evr 2 in Business & Finance Renting & Real Estate

2 answers

Hard to answer. The question here should be would you have purchased the home had you known about the issue you just asked about. The answer to that question would then lead one to inquire as to the propriety of the agent and or attorney and title company on how they disclosed these covenants and restrictions to you prior to you deciding on buying the property. You need to look at the covenants and restrictions of your subdivision and see what is permitted and what is not.
If you disagree with the homeowner's association after reading what they can and can not do then you need a legal begal to help you. Here are some interesting links you can also look at
Laws applicable to Restrictive Covenants all states: http://www.lawchek.com/resources/forms/que/restcoven.htm
Enforceability of Easements an article: http://www.lucs.org/news.cfm?id=219
and if you need help finding a legal begal or can't afford one go to this link
Free legal aid search for all states: http://www.lawhelp.org/
Buena Suerte

2007-03-11 04:33:47 · answer #1 · answered by newmexicorealestateforms 6 · 0 0

In my opinion, no it won't lower your properties value, in fact it would enhance it because it provides access for the community to go to the park.

My concern for you is, why were'nt you informed of this easement when you purchased the home? Your realtor, or at least the realtor for the subdivision should have advised you of this and it probably should have been in writing. You might want to check your purchase agreement paperwork to see if it is disclosed to you. If not you may have recourse against the realtor.

2007-03-11 05:12:35 · answer #2 · answered by Alterfemego 7 · 0 0

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