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.
Colorado Private Road Maintenance Agreement
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How to fill out Private Road Maintenance Agreement?
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FAQ
Fannie Mae (Conventional): A Private Road Maintenance Agreement is required. 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.
A private road is a road owned or controlled by a private person, persons or corporation rather than a road open to the public and owned by a government.
The DOT will require a sr-1-1 form to be completed. They will then investigate the road and should accept it as a public road if it meets their standards. Things like width, type of construction, curbing, turn-around areas are all areas that the DOT checks to determine if the private road meets the standards.
Limits on the Number of Financed Properties Subject Property OccupancyTransactionMaximum Number of Financed PropertiesPrincipal residenceTransactions other than HomeReady loansNo limitPrincipal residenceHomeReady loansDU and manually underwritten - 2Second home or Investment propertyAllDU - 10
No, Fannie Mae does not have a strict acreage limit. However, it emphasizes that the property's value must be primarily attributed to the residential dwelling rather than the land.
The contract must be in writing, contain the full names of the buyer(s) and seller(s), identify the property address or legal description, identify the sales price, and include signatures by the parties. Sales contracts are also known as agreements of sale, purchase agreements, or contracts for sale.
