Quote:
Originally Posted by neckdweller
Our home is one of about a dozen that shares a private road in Moultonborough. We are plowed by the town but are responsible for the cost of all maintenance - trees, grading the road, etc.
We have never had a formal agreement in place. Instead we have met as a group, figured out what we had in the bank, estimated the maintenance and then set an amount we all pay equally.
It has come to my attention that recently our neighbor was given a hard time by a lender when they went to refinance because there was no official agreement in place which seems to be something that will continue going forward due to either tigher scrutiny or regulations.
I'm taking on the task of getting this agreement in place. Does anyone have a similar small group of houses that has done something similar? I'd love to either be pointed in the right direction to get this written up or quite honestly I'd be happy to take the wording you currently have in place if anyone is OK with that.
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I own property on a private road with four other property owners. You're very lucky that M'boro will plow for you; we have to hire and pay for winter plowing/sanding and all other maintenance. We have a written road agreement that has been recorded, but there is no formal "association." There have been several sales or refinancings over the past few years, and in most cases the lender did ask about a written road agreement, so I would not consider that unusual. Our agreement is very simple. It starts with the names of the property owners and references the lots as described in the registry of deeds, and ends with notarized signatures. In between is this language:
"The owners of the five lots shall contribute one-fifth (1/5) of all costs of maintenance and repair of the Road as shown on the Plan.
It is further agreed that before any major alterations or improvements are undertaken with respect to the Road, the majority of the owners of the five lots must give prior written consent. Major alterations or improvements are defined to mean any expense over and above the cost of maintaining the Road in a condition which permits reasonable ingress and egress to and from said lots for residential purposes.
This agreement shall run with each of the above described lots and shall be binding on the successors and assigns of the parties hereto."