Note: If the property is located in a state that has legal provisions defining the responsibilities of owners for the maintenance and repair of a private road, no separate agreement or arrangement is required. Deal with this issue now, try to find the neighbors to sign the agreement. Stop until we did. No signatures no closing If a private street, then make sure that the lender, bank or broker who processed the mortgage can, depending on experience, use private roads and correctly determine which programs are available. George, I had a friend who was approached to make one of these deals so that the neighbor could sell their house. She didn`t want to be responsible, so my friend refused and the sale failed. In summary, the classification or program requirements of a street are NEVER accepted. Even if the land is located on a dirt road, this does not automatically mean that it is a private road. In general, a private road maintenance contract is an agreement that provides for continuous road maintenance and other conditions agreed by landowners who take advantage of the road, and as many of us know, this can be an extremely difficult document because of many factors that can cause too much frustration. I also received this call today: „Regarding the house bill 1841, I call to say that you went down to the Olympics. We are located on a private road that includes the DNR, Warehouser and an old railway facility. There are about 12 or 15 parties here, and now they can`t sell their properties.
. „Because not everyone can agree to sign a private road maintenance contract. Two years ago, we applied for a refinancing loan from the bank that we have been using for 45 years for all our financial transactions. All credit authorizations have been completed and documents are prepared for signature. The expert noticed that there was common access. Our loan disappeared because we failed to convince all parties to sign a maintenance contract. Since then, the interest rate on the second mortgage has increased by 2%. I can`t refinance.
What can we do? Yup! what`s happening, schl-sselbank has pulled a deal Breaker on CLOSING DAY!! Everyone refused to sign a simple street maintenance contract!! What a nightmare… Regulators do not understand real estate, and they certainly do not understand the effects of private road maintenance contracts, or they would never have written such a ridiculous rule.