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New Mexico Private Road Maintenance Agreement
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FAQ
The driver of a vehicle approaching an intersection shall yield the right-of-way to a vehicle which has entered the intersection from a different highway.
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.
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.
?All roads which have been laid out and established by authority of the commissioners' court are public roads. . . A road not originally established under the statute may become public by long-continued use and adoption as such by the county commissioners with the assent of the owner or by prescription.
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.
Fannie Mae does not require that the utilities that serve the property be turned on at the time of the inspection.
If two drivers approach an intersection at the same time, the driver on the left will yield the right-of-way to the driver on the right. If the intersection has a traffic control sign, such as a stoplight, all drivers must obey the signal instead.
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.
