Restrictive covenents release

Hi,

Several residential developments have, over the last few years, surrounded the older development I live in. The biggest difference is that the new developments have sewage, our development is primarily septic (the houses on each end have access), and the lot sizes have dropped from averaging 3.5 acres to 1/3 acre (or less). For the latest development to go in, because it was on lots of the original development, the developer agreed to put in sewage lines across the front of the "old" development, making it available to the older lots (only 6 lots). Unfortunately, they changed their mind and decided to offer us a cash settlement for releasing the covenents on those lots. Now, some of the owners in the \"old\" development believe it would be to our benefit to release all the covenents on all the lots. I have done some research, but unfortunately, most of what I have access to read does not go into whether these covenents really are beneficial, which is my question. Do these covenents really protect us, and what could go wrong (besides things like moving a trailer onto the property), if the covenents are released?

Thanks,
Jim

You have to decide what rights they give you now and if it is okay for you to give up those rights. Have a lawyer or title company assist if you are not sure what they really are or what exists.