Definition Of Bylaws In Real Estate

Definition of "Bylaws"

Marie Madero, Real Estate Agent Howard Hanna Real Estate Services

Regulatory rules that have to be followed by the organization in conducting its activities.

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Comments for Bylaws

Ed Nichols said:

I purchased a lot in a community that has a restriction one breaking up partials of land that I wasn't aware of. What are my options now? and what am I liable for?

Oct 30, 2018 16:30:48

Ed, we suggest you talk with a real estate lawyer. Maybe the laws of your city do require that the home seller discloses that information and, if that's the case, maybe you can have the money back or make him/her responsible for whatever fees should that be the case. But find a LOCAL real estate lawyer to better inform you. Good luck!

Oct 30, 2018 16:35:52

Ed Nichols said:

Who is bound by real estate community restrictions, buyer or seller?

Oct 30, 2018 10:33:43

Hey Ed,

Anyone who lives within that community is bound by its restrictions, so, in a way, both. Once the seller leaves the community he or she is no longer bound to those restrictions. Once the buyer becomes a resident, he or she becomes bound by its restrictions.

Oct 30, 2018 15:13:06