Quote:
Originally Posted by neckdweller
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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Good luck with this. For the Association to have any teeth and legitimacy for the bank. You are going to need all the homeowners to by into it. And it is going to have to be worked into the deeds of all the properties. It is a real pain in the ass.
Hence why there are so many places where the road maintenance is done unofficially. That is Unless the person responsible for developing the area and subdividing it had the forethought for the association.
As other have said I think the person trying to get a loan needs to look at working with another bank......
Island properties face the same types of Challenges when people go for loans.