In summary, while private roads may offer unique challenges, remember that not all credit programs require a road maintenance contract and that, depending on the circumstances, additional requirements may be required for these particular cases. I live in the VA. I have lived on the west side and I currently live on the east side. I have seen a lot of roads on land here, and I do not think there is a road in the state that has not had to be maintained for 40 years. Most of us regularly have potholes and drainage problems, and in much of the state we have to plow in the winter. So let me explain why you need such maintenance contracts. (They focused too much on selling to understand the legitimate reason, it seems.) What is USDA, FHA, VA and conventional private roads? Update 25 February 2015: For unknown reasons, the above bill was passed by the House and Senate, but was never definitively passed to become part of the revised washington code, and these bills were suspended from 2012 until 2015, when H-1237.1 reissued old bills to create a new private maintenance bill. Finally, it seems that it will become law and save hundreds of thousands of owners of the diktat of THE FNMA, which could kill the sale of their home (and financing for buyers). The final bill has not been passed so far, but you should be able to track its progress and see the final bill as adopted on this link: Washington Private Road Maintenance Agreements. The new law is placed under title 64 of the RCW, so you can find it when it is completed.
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. I think the rationale for this request is somewhat legitimate. Think about it from a banking point of view. And if the money for a house borrows on a private street without agreement. they end up closing on the property and part of the road is swept by a tide or something like that. They just want a legally enforceable agreement, which is registered, so that they can guarantee that the damage will be repaired. What if the house was the last house on the street and the bank was the only house hit by the damaged street? They would not be able to sell the land closed until the road is established, and if there is no agreement on the records, then they would be S.O.L.
Remember that each lender may have its own requirements for private roads. So ask in advance and do some research in advance on the property. A loan subject to the provisions of fnMA (Fannie Mae) requires rural areas like Sequim, Washington, to do the impossible: take all owners on private access or sign a private contract for road maintenance. Many people in the bureaucracy generally do not know how it works. The vast majority of these bureaucrats were good and honest people, but never really in real estate. Such a person stated that “it cannot be so complicated to sign a private street maintenance contract of all the owners. Can`t you find one on the Internet? A married couple has put their house in Sequim up for sale on a private road that serves six other homes.