In a nutshell:
CC&Rs stand for Convenants, Conditions & Restrictions. These are basically by-laws instituted by a homeowner's association (HOA) that address any requirements and limitations of what you are allowed to do with your property. It also includes your monthly HOA dues and special assessments as well as penalties for non-payment.
When and why is this relevant to me?
CC&Rs are important for you to know about only if you are planning on purchasing a property that is part of a homeowner's association. This is typical with condos and new construction development?
What are common restrictions?
- Exterior modifications
It is also important to note that CC&Rs are strictly enforced by the HOA and can result in penalties if they are violated.