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Updated about 4 years ago,
Guidance needed - Townhome property with 52 Schedule B Exceptions
We are trying to purchase a townhome in a village style community in Olympia, WA and it has about 52 exceptions attached to it in Schedule B in the Title. 40/50 of those exceptions are recorded separately and have their own multi-page document. The community is part of a large village style development complex (100+acres) with apartments, parks, clubs, etc. The property seems good deal and a good rental potential and I see buy/sale happening in the townhomes in that community. But my lawyer is freaking out with respect to number of covenants on the property. One of the things pointed out was: Restrictive covenant regarding the wetland mitigation area providing Department of the Army the ability to come onto the property for development purposes and restoring the mitigation area. Question:
1. Is it normal to have such large number of restrictions attached in property that is part of a larger township?
2. Do I need to review and understand each of those 40/52 recordings to ensure my investment is safe and future proof? Lot of these is legalese and seems dangerous just by reading thru it, but it might not be so bad after all.
Newbie investor here. Looking for guidance. Thanks.
Jay