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What are covenants and do I want them?
Protective covenants are sometimes misunderstood and are
often a definite benefit for the buyer. Simply put,
covenants are designed to protect your property's value and
maintain it in substantially the same way it appeared when
you first purchased it.
Most people who purchase rural recreational or residential
vacant land do so because it's natural beauty appeals to
them. Most people expect that the land will retain the same
characteristics that first attracted them. They don't want
to worry that unsightly development or the accumulation of
trash will spoil their dream. This is why protective
covenants are essential.
Imagine how upset you would be if you built a cabin or
year-round home in a beautiful, natural setting only to have
it spoiled by a neighbor who abandoned old vehicles in the
woods. How much would your enjoyment of your property and
its value be affected by a commercial business opening up
next door? What if your neighbor, by the absence of
protective covenants, was within his or her legal right to
build a tar paper shack or start a pig farm next to your
tasteful home?
Protective covenants are recorded with the deed for your
land and are enforceable in a court of law. They give you
legal recourse to take action, if necessary, to handle
violations. Without protective covenants your options could
be severely limited and your enjoyment of your property and
it's value could be negatively affected.
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What is an Owner's Association?
Owner's associations are established in order to provide
property owners in a development an opportunity to share in
management of and to provide funds for maintenance of common
areas and access easements.
Associations may be formed to provide for management and
maintenance of lake shorelines, ponds, parks or other "green
spaces" that are common (jointly owned) areas in a
development. A typical owner's association would be a
private road association. Private roads require periodic
maintenance such as snow plowing, grading, and gravel. By
forming a road maintenance association, with each property
owner paying a nominal annual fee, the cost for maintaining
the road is shared by several users rather than by a single
owner. It also assures that the road will be maintained.
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What should I do to prepare for looking at land?
Looking at land is not the same as looking at a house. You
will be out-of-doors, so weather conditions will be a
factor. You will want to dress for the weather and even be
prepared with additional clothing in the event that weather
conditions should change. Appropriate clothing for a land
appointment would include items such as hiking boots or
tennis shoes, jeans and jackets. Remember, you will be out
of doors in fields and woods. You may be visiting a lake or
river shoreline. Dress as if you are going camping and not
as if you will be inside of a building. Wearing shorts and
sandals will almost guarantee that you will not enjoy your
land tour.
You should also remember to bring the "extras" that will
increase your enjoyment of the land tour. These may include
a camera or video camera, hat, sunglasses, binoculars, and
anything else you feel you need.
You should be willing to set aside an entire day so the real
estate agent can, if necessary, show you several properties.
Once on the land, you should be willing to explore the
entire property with the real estate agent. Remember, a land
purchase is every bit as important as a home purchase. You
would never buy a house without having explored every room.
It is just as important to give this same attention to
vacant land.
Wisconsin law requires that you personally inspect any
property that you purchase. In the case of married couples,
only one spouse is required to be present. However, it is
imperative that all decision makers are present when touring
property so that you have the ability to write an offer to
protect the property in which you have an interest. All to
often, one of the decision makers is not present and the
intended property sells before a second visit can be
scheduled.
You should also prepare yourself mentally to make a "yes" or
"no" decision. If you aren't on a property that meets your
needs then a "no" decision is appropriate. You and your
agent can continue the search for a property that will meet
your needs. If however, you are on a property that meets
your needs and "feels" right, it probably is right, and a
"yes" decision is appropriate. It is a shame when someone
loses their perfect property because they needed to "sleep
on it" and someone else bought it first. People are often
interested in the same things in a property. What attracted
you will surely attract other people.
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