Road maintenance agreements have become a necessary factor when you are buying or selling a home in the Asheville area of North Carolina. A major reason behind this is the tightening of lending conditions. Banks will seldom lend money to buyers purchasing a home without a road maintenance agreement that is recorded. It doesn't matter if the neighbors have been happily maintaining the road for 100 years!
If you share a common access with one or more properties, it is a very good idea to get a road maintenance agreement in place. In North Carolina, especially in Western North Carolina in the Asheville Mountain area, even luxury homes may be accessed by a dirt road or private road that needs maintaining by the neighbors.
A road maintenance agreement will generally contain these items: The legal description of all properties that have the right to use the road, the way that responsibility for repairs is to be shared by the parties, how the costs for repairs will be incurred by the parties, emergency repairs and the consequences for non-participation in the maintenance.
When you are looking at property that takes access on a private road easement to check with your real estate agent and check the title report to see if an road maintenance agreement is in place. Reviewing a preliminary title report during your feasibility or inspection period to check for these kind of red flags can save you time and heartache in the end, and you will be able to purchase and sell your property more easily.