Private Voluntary Limits On Real Estate
There are private voluntary limits that can be placed on the private ownership rights of real estate. This refers to restrictions that are voluntarily placed on the full rights of the real estate by the owner:
Deed Restrictions - This refers to something in the deed restricting the use of the property. For example, someone may sell a house with the restriction that it can never have an addition installed or no tress can be intentionally cut down. Years ago some people put deed restrictions on their properties when they sold that today would be illegal. These restrictions stated that any future owners of the property could not sell or rent the house to a person of a particular nationality or race. That type of deed restriction is against the Federal discrimination laws and can't be enforced because it's no longer valid.
Easements - This allows someone to have access to your property, such as, running utility lines or installing a driveway.
Leases - This is simply granting the right to someone else to rent and use your property. Lease contracts can be written as simple or as detailed as both parties want. They outline specific rights and restrictions for the landlord and tenant.
Mortgages - This refers to a lender who secures their loan with the real estate property. The property cannot be sold with a clear title without the lender being paid off or permitting the new owner to assume the existing terms of the loan.