The answer to this question, It is simple a deed-restricted community.
Building or buying in deed-restricted communities is common in today's real estate market. If you are considering buying in a community with an HOA ( Homeowner's Association), it would be wise to understand characteristics you may encounter.
Keep in mind all HOA's have different restrictions and fees. These fees could impact what you are qualified for when purchasing a home. You should talk to your lender before making an offer on a property in an HOA community. Let them know what the monthly/yearly fee is going to be.
While individual residences in established neighborhoods are subject to local government regulations and zoning requirements, deed-restricted homes and condominiums add new levels of covenants and restrictions. Not to say the least of which to consider is your lifestyle compatibility with the type of rules, regulations, and costs you might find in controlled communities.
Some regulations set fourth by these communities can include noise, parking, rental restrictions and external design features such as: paint colors, fencing, window treatments and even landscaping. Enforcement of the regulations by association broads can be liberal or legalistic, with the ultimate goal of protecting property values and the preferred common lifestyles. You should review the covenants and procedures associated with the community you are considering.
Homeowner association fees and assessments also can vary significantly. Common area maintenance generally is covered by monthly association fees, while assessments may be levied by your board to cover capital improvements such as roofing or pool repair or replacement.
Most important is your having complete information. Your local real estate agent can be a valuable resource in determining the best type of community for your home purchase.
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