I Have A Shared Driveway

If you are selling your home and you share a driveway with your neighbor, Fannie Mae and your buyer's mortgage company will now require there to be a Shared Driveway agreement in place.  This agreement states who is responsible for what portion of the driveway or what percentage of the repair costs of the driveway.  The agreement must be signed by all of the sharing neighbors, notarized, and recorded at the town hall.

They will not allow you to get around this facet, unfortunately, and it could cause a giant hurdle in your ability to sell your home.  Unless a buyer is paying cash, this requirement is needed, no matter the lender, bank or broker.

I know it's not the news you like to hear, but it's better to know about it now, as opposed to it holding up your closing, right?

What do you think about the requirement of this Agreement?

Keith Turner
860-444-0650
KeithT@mccuemortgage.com