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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We have a similar situation. Generally someone on our road agrees to act as "road agent," and collect money for grading, etc. It's not an easy job, as everyone on the road has different expectations. Folks at the end of the road are obviously looking to have a better-maintained road than those at the beginning. Those with small children have a vested interest in keeping the road bumpy in order to make drivers proceed slowly. Those who live year-round care more than summer residents about the condition of the road.
How would an agreement work? Would you have everyone sign it and it would be a binding contract? Who would be the body that oversees this contract being enforced? (Do you live on my road....lol...?)
Good luck with that task. Please keep us apprised of your progress. I'm guessing that those of us in similar situations would appreciate that.
(And, fwiw, we recently obtained a mortgage with a local bank, and I can't recall that issue being mentioned.)