In real estate, what are the parameters that dictate how a property can be used often referred to as?

In the context of real estate, the parameters that dictate how a property can be used are referred to as "Covenants." Covenants are legally binding promises or agreements in the deeds or leases that impose certain obligations or restrictions on the property owner. These can include limitations on what types of structures can be built, how properties can be maintained, and what kinds of activities can take place on the property.

Covenants serve to maintain the character and value of a neighborhood or development by ensuring that property owners adhere to certain standards and guidelines. They are essential for homeowners’ associations and can significantly influence property use and aesthetics.

While restrictions may also relate to limitations on property use, they are often seen as broader regulations or laws, rather than specific agreements between parties. Guidelines and specifications typically refer to more general or technical regulations that do not carry the same legal implications as covenants. Understanding covenants is crucial for property buyers and developers to ensure compliance with these established agreements and to protect their investments.