It is a common practice for property buyers or investors to assign the “legal stuffs” to lawyers and just wait for the signal to sign or not to sign. Although lawyers are careful in dissecting each and every word of these contracts to make it legally foolproof, there are certain aspects in the contract that only you, the party to the contract, is qualified to make an appraisal of.
I am referring to restrictive provisions or conditions that are prevalent in contracts relating to the purchases or leases of property such as a condominium unit. These restrictions are usually stipulated in the covenants section of the contract or in a separate document for rules and regulations which provides for the constraints imposed on the usage of the property.
You don’t have to be erudite in legalese for you to understand these restrictions as these are usually written in plain English. In condominiums, typical restrictions involve mandatory maintenance fees, color scheme or design on the exterior of the unit and pet restriction or prohibition. These are common restrictions that are characteristic of condominium usage and most buyers or lessees are familiar with these rules. However, it is possible for some peculiar restrictions to find its way in an otherwise harmless looking contract.
A good example is a couple with two year old twins who excitedly bought a condominium in a beautiful tropical resort. They confidently signed the contract after having been assured by the lawyer that it is legally sound. The contract is indeed legally sound, but this fact became irrelevant when this poor couple discovered that the contract placed a restriction on the age of children allowed in the vicinity, which is 12 years old and up. Now, how can they enjoy their condominium unit if it means leaving their kids behind?
Thus, it is extremely important for you to read the contract and see if the restrictions stipulated therein are suitable to your personal preference. Or, if you are too lazy to read the contract for yourself, make it sure to instruct your lawyer to take note of personal restrictions in the contract and inform you about it. Otherwise, most lawyers will just focus on the legal issues of the contract which does not usually involve restrictions which may affect your personal preferences.
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