5 acres in the country.... NO LIVESTOCK?!?! *EDIT*

[Sonoran Silkies]

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This is why various covenants and deed restrinctions are recorded with the property deed.

 

[joebryant]

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Mmmmm, with that I'd say you're in one big mell of a hess unless you can talk the other three homeowners into agreeing in writing to permanently dispensing with the covenants. There's a good chance they'll all agree.

 

[Sonoran Silkies]

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It shouldn't make a difference, but when a bank owns the property they are not necessarily fully cognizant of the details such as covenants and restrictions--foreclosing on homes is not their primary job, and things could fall through the loopholes. Also, your state laws may vary on what is required as far as disclosure. I know that in the last few years Arizona has really tightened the laws relating to disclosure of CC&Rs. Used to be that they had to be provided to purchasers, now it is required for a purchaser to sign a document stating that they have received a copy and that they understand that they are an enforceable contract.

 

[Countrywife]

Sonoran- if they havent closed on the property yet, and it wasn't disclosed in the contract, wouldnt that, in most states, void the contract to purchase? Just wondering for the OPs sake if they can still get out of it, and get thier deposit back.

 

[cassie]

Not too many years ago there were covenants written that forbade selling to or allowing a person of color to reside on the property. It wasn't until the 60's that that was thrown out. I have learned from this forum that if I ever to decide to buy another piece of property to check carefully to see of there are any HOAs or covenants involved. If so, I'm gone.

 

[Sonoran Silkies]

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The important thing is not so much whether they exist or not, but specifically what they require and what they do not allow. The covenants for my parent's home required brick or block construction and that garages not face the front of the house (must open to rear or side). Not really onerous to my mind.

 

[Sonoran Silkies]

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I do believe that they have closed on the property from what has been said. I don't know real estate law sufficiently to have a clue as to what would/could happen if they had just closed and then discovered information that was not disclosed or otherwise made available to them, but I think it might well vary depending on the particular state. If they have not yet closed, there is a certain period of time when various disclosures, inspections, etc. occur. If unfavourable information is discovered, then the purchaser can cancel the contract with no penalty.

Once when we re-financed our mortgage the woman at the title company was highly annoyed that my husband and I insisted upon taking time to actually look through each document--I don't mean taking the time to read and re-read all the fine print--just sufficient time to know what we were signing and whether we needed to spend more time reading it. Her reasoning was that Arizona law allows one 3 days to cancel the contract after signing. I told her no, we were going to read before signing. She was not happy.

 

[Countrywife]

I am simply a legal secretary, but have worked for years closing real estate loans. I always made sure to point out anything that was unusual, or unique to a property. I fought with people all the time trying to get them to READ what they were signing, most people want a 5 minute closing and go home. Amazes me what people will trust others to know for them. I am not sure they own it yet, as the original post said they were getting a loan, not that they had the loan. From the states I have worked in, the only recourse after closing would be to sue somebody if it was not disclosed, but you know how iffy that can be.

 

[amyparrotflock]

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... We fought to read the stuff at closing. The lawyers and everyone got MAD at us when we pointed out a clause that said roughly "no flamable liquids are to be stored on the property" I told hubby there goes the grills, the gas lawnmower(can't mow the lawn, lets get a goat!), and oops the car. No car, no job, no job no money, no house. We promptly got told to shutup and sign it. Which we lined stuff out initial and dated it and then signed it and THEY took it.

 

[ducks4you]

I'm confused...have you closed on this property? Or, as was posted earlier, are you in the process of closing? If it is latter, back out of it!! (your comments seem to indicate this)
I looked for my place for 12 YEARS!! I wanted to be sure of the following before I moved my horses:
1) NOBODY was going to build a housing development adjacent to my property (and change my zoning--impossible to change it back again!!!!)
2) AG zoning
3) House, not trailer (personal preference)
4) barn/shelter
5) existing fencing
My little town, (we affectionately call it "Longbourne" after the Bennett's in Pride and Prejudice,) hasn't grown past 200 people in the last 10 years, my neighbors in the back are farm fields, our unwritten town code--mow your lawn!! My neighbors visit my horses regularly. Can't remember HOW many places I looked it that wouldn't work, but it has to be in excess of 20. The neighborhood is a little shabby, but that makes it harder to find us!

If you signed a contract that did NOT include the covenent, then either you have NOT completed the paperwork for the sale, OR, the seller (the bank) is responsible for not disclosing all the information about the property. Your attorney should be able to ascertain this easily.
If you signed a contract and did NOT read all of the paperwork until afterwards, I'm afraid you now own a property with problems. Good luck, either way.