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Maverick
Maverick, Lawyer
Category: Real Estate Law
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Experience:  20 years professional experience
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Does have a statute relating to Private Road Maintenance

Customer Question

Does Virginia have a statute relating to Private Road Maintenance that will satisfy the FNMA loan requirement?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Maverick replied 1 year ago.

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Expert:  Maverick replied 1 year ago.

Answer:

No. At this link you will see that a bill that speaks to this was initiated in the house but it never became law. So, a loan subject to FNMA regulations requires all homeowners on a private driveway or easement to sign a private road maintenance agreement. According to FNMA, if a written agreement cannot be obtained, “the lender must indemnify Fannie Mae for any losses or expenses it may incur due to the physical condition of the street or in order to establish and/or access thereto.”

Expert:  Maverick replied 1 year ago.

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