(c) if more than one immovable property benefits from such an easement or right of way, the costs of maintenance and repair or restoration of such easement or right of way shall be shared by any owner of a beneficiary immovable property in accordance with the terms of an enforceable written agreement concluded to that effect. In the absence of such an agreement, the costs of maintaining and repairing or restoring that easement or right of way shall be shared by each owner of a beneficiary immovable property in relation to the benefit that each of those assets receives. As of October 1, 2014, the Fannie Mae Guideline applies to private CT roads based on House Bill Number 5219, Public Act Number 14-67 “An Act Concerning Maintenance of Private Easements And Rights Of-Way. House Bill Number 5219, Public Act Number 14-67 reads much more like the FHA`s policy for real estate on private roads that do not have a Maintenance Road Agreement, FHA only requires that there be a permanent service agreement. the actual duration of the agreement or outcome, which in most cases should be unlimited and binding on the future owners. Those who read this blog may remember that the songwriter responded to me with a link to a blog I had written on the same topic a few years ago. The blog was about a borrower who made a conventional Fannie Mae mortgage and put 20% down. Fannie Mae`s guidelines required a maintenance contract for private roads, which meant that there had to be a maintenance contract for the roads or a new contract that had to be drawn up and signed by all landowners on the private road. There was no maintenance road contract, so one was created, and all but one of the neighbors on the street agreed to sign it. After many attempts to convince this owner, it was in his interest to have a street maintenance contract that failed.
Stumbled upon your ticket and found it very interesting. We have plenty of private country roads, entry/exit services, private roads inside PUDs and common entrances. A few years ago, I had a trust house (represented the buyer) with a common entrance and I couldn`t find some type of maintenance contract. After some due diligence, I discovered that there were 75 tax tickets throughout the neighborhood, of which about 30% had common entrances and there were only 5 registered entry agreements. It`s hard to understand why I was the first to have a problem with this, given that the house had been moved several times before and no deal had been reached. Anyway, thank you for exchanging regarding the FNMA directive, I had not even thought about it from this point of view. Well, as soon as you know it`s a private road, think about this: how can you qualify for a loan with a property on a private road? If the property is not located in a state that imposes legal maintenance requirements and there is no agreement or agreement for road maintenance or if there is an agreement or contract that does not meet the above requirements, the lender may nevertheless provide the loan. . . .