Property Ownership
Complete the assignment based on the scenario.
Prior to purchasing the ThreeForks Restaurant (3Forks), Henri and Lila have learned that the town has created a town association (TFTA) to maintain the rustic architectural style of the community. As part of the potential purchase, Henri and Lila have received preliminary documents which include the preliminary title report, and the Covenants, Conditions, and Restrictions (CC&Rs) concerning the property.
Checklist: In essay format, explain the following:
What are the CC&R's and how can they affect Henri and Lila's interest in the real estate?
The preliminary title report shows utility easements, and an easement allowing the public access to a boat launch ramp on the river. What is the name of the easement for the boat ramp? Then explain how both of these easements affect the possible expansion of the restaurant building?
Henri and Lila have looked at the property closely and it appears that the neighbor is parking his camper next to the boat ramp on the restaurant property. How will they determine if the neighbor's camper is encroaching on this restaurant property?
Henri and Lila have also found out that the local government wants to widen the existing road in front of the restaurant and install street lights along the widened road. How could this discovery affect Henri and Lila's potential purchase of this land?