Yeah, it's a fancy term that means you don't actually own the property you purchased.
It also means that some unelected bureaucratic clerk in the "homeowners association" can mandate that you can't fly Old Glory on the 4th of July.
No, it means that what is on the disclosure that you read and sign when you buy is all that you ever have to worry about. It's about freedom. Homeowners associations are mandated by socialist government planners that have no stake in the land, not by free, independent developers.
I've always been amazed at how confused you socialists are.
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