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Last Updated: 11/9/2018

Deed Restriction

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​A deed restriction or restrictive covenant is an agreement imposed on the buyer of real property that can limit the use of the property and impose obligations upon the owner. 

Example

Non-Monetary

Homeowner’s Association restricting the number and type of pets an owner may have. 

Monetary

A loan that is forgiven if the buyer/owner occupies the purchased property for 60 months.   

A deed restriction that creates a monetary encumbrance (e.g., lien) on the real property is subject to Mortgage Registry Tax. The basis is the initial amount being secured when the deed restriction is recorded. (See Minnesota Statutes 287.01, subd. 6.)