The Importance of a Road Maintenance Agreement When Buying Rural Property
You learn something everyday. As a Bristow Real Estate Agent, I do most of my work in subdivisions...the land of cookie cutter houses, state maintained streets and public water and sewer. When I recently connected with a family that wanted to sell their home in a Bristow subdivision, I was happy to help. When they told me what they wanted to buy, a horse farm, I called in for back-up.
There is a reason the REALTOR® Code of Ethics tells us as REALTORS® that we will not work outside the scope of our expertise. Our clients are making decisions that are costing big bucks based on our advice.
Enter Marilyn Shackelford, my go to horse farm specialist. She toured the horse farm the Buyers were interested in and had lots of feedback from the outbuildings to the farm house itself. One thing in particular will stick with me on every rural property I encounter. That is the importance of a road maintenance agreement to a buyer's financing.
FHA, the loan used by the majority of home buyers these days, requires that private roads have a signed, notarized and recorded road maintenance agreement. Who knew? Well, Marilyn did. And thank goodness I had the good sense to bring her in to help me represent these fine folks on the buying end. If we hadn't found the document we needed by tapping a trusted title resource, Marilyn knew what it had to say and who would need to sign it. She was gearing up to create the document herself.
Pays to know what you are doing. And it pays to bring someone who does in when you don't. What you don't know you don't know, can lead to time lost and costly mistakes.