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.
Indiana Private Road Maintenance Agreement
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How to fill out Private Road Maintenance Agreement?
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FAQ
Fannie Mae does not require that the utilities that serve the property be turned on at the time of the inspection.
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.
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.
Fannie Mae permits an appraisal to be based on the ?as-is? condition of the property as long as any minor conditions, such as deferred maintenance, do not affect the safety, soundness, or structural integrity of the property, and the appraiser's opinion of value reflects the existence of these conditions.
For example, cities in Texas can't enforce state or local traffic laws on privately-owned streets within their boundaries. Also, owners can place gates and restrict entry as long as each owner (and their approved guests) can get access. The extra degree of control comes at the price of maintenance.
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.
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.
"Private road or driveway" is a way or place in private ownership and used for vehicular travel by the owner and those having express or implied permission from the owner but not by other members of the public. Ca. Veh. Code § 490.
