Q: We are looking for a new home and are thinking about buying in a community with restrictive covenants. What are the benefits of restrictive covenants?

A: The most popular format for restrictive covenants is the mandatory homeowners association. Under this approach, the developer creates a nonprofit homeowners association that each owner must join. Essentially the association maintains both governmental and corporate functions with respect to the community. All powers, rights, obligations and matters pertaining to the association would be set forth within the declaration and/or the articles of incorporation and bylaws of the association.

The most significant benefits are ensuring architectural control, regulating the behavior of owners and ensuring that the association maintains a stream of income for the proper maintenance and operation of common areas.

This enables you to ensure the architectural integrity of the homes within your neighborhood and the way in which they will be used.

Restrictive covenants may also include responsibilities for the association, such as certain maintenance obligations like landscaping and/or maintaining the exterior portions of your residence. Before buying into a neighborhood with restrictive covenants, get a copy of the covenants and confirm you are willing to abide by them.

This column is designed to provide information in regard to the subject matter covered. It is not intended to render legal advice.

Q: What is a good faith estimate?

A: An estimate of closing costs that must be given with residential loans by a lender to a mortgage applicant within three days after the loan application. It should include points, origination fees, title and legal expenses.

Have a question you would like answered in this column? Please contact James J. Scavo at jscavo@wslaw.net or c/o Weinstock & Scavo, P.C., 3405 Piedmont Road, Suite 300, Atlanta, Ga. 30305.

— By Stephen A. Winter, a partner at Weinstock & Scavo, P.C.; sawinter@wslaw.net; www.wslaw.net.