This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Private Road Maintenance Agreement
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FAQ
Freddie Mac (Conventional): A Private Road Maintenance Agreement is not required. FHA: A Private Road Maintenance Agreement is not required, however you will be asked to provide a recorded road easement. USDA: Requirements are determined on a case-by-case basis. VA: A Private Road Maintenance Agreement is required.
Fannie Mae does not have any requirements related to the remaining economic life of the property.Fannie Mae's appraisal report forms are designed to meet the needs of several different user groups; consequently, the report forms address the remaining economic life for the property being appraised.
A At common law, the owner of land subject to a private right of way (the servient owner) is under no obligation to maintain it. If someone with a right to use the roadway (the dominant owner) wants it mended, it is up to them.
1. The obligation to construct and repair a right of way falls on the owner of the dominant tenement who receives the benefit of the right of way.
Private roads are not adopted by the local authority and therefore maintenance and upkeep is the responsibility of the owner. If the road has been adopted then maintenance and upkeep are the responsibility of the local council.
The California Civil Code requires the cost of maintenance for both the private and other public roads to be shared equitably by the landowners benefiting from those roads. Lacking a formal agreement between landowners, the Code requires an equal share contribution Page 4 3 from each landowner.
A At common law, the owner of land subject to a private right of way (the servient owner) is under no obligation to maintain it. If someone with a right to use the roadway (the dominant owner) wants it mended, it is up to them.
Acceptable age of appraisal reports If the effective date of the appraisal report is more than 120 days, but not more than 12 months before the Note Date, an appraisal update is required. The effective date of an appraisal update must be no more than 120 days before the Note Date.
USDA Loans: do NOT require a private road maintenance agreement. However, additional criteria will apply for both FHA and USDA loan call my office for more details!