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Deed restrictions are typically pretty cut and dry and they mean just what they say. In California for example they use an example on state broker exams that a seller says alcohol can't be consumed on the premises for X amount of time, so if the seller discovers that alcohol has been consumed on the property then the property reverts back to the seller. Likely a restriction on flipping properties. I've never seen this is California, but that doesn't mean it doesn't happen. Couple things to look at are, whether you really think the prop is going to appreciate that much in the first 3 months and why you're buying it. If you plan to live there than a restriction on the 1st 3 months shouldn't matter. But ideally you should consult an attorney if you really want it, otherwise I'd walk.
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