Fannie Mae Shared Well Agreement

In order for mortgages to be eligible for purchase or securitization, the distribution companies of the property must comply with Community standards. If public sanitation and/or water facilities provided and regulated by the local government are not available, municipal or private wells and sewage treatment plants must be available and used by this property. The owners of the property in question must have the right to access these establishments, which must be permanently viable. Private well or wastewater facilities must be on the the thematic page, unless the object concerned has the right to access private facilities located outside the site and there is an appropriate and legally binding access and maintenance agreement. Means of non-compliance in the event of non-compliance by either party to the agreement or contract; and in a conventional way: where public water and/or sanitation facilities are not available, private well and wastewater stations must be available and used by the housing in question. Private entities must be viable and sufficient to serve the goods concerned. In general, private well and wastewater treatment stations must be located on the object`s website. However, private facilities located outside the site are acceptable if the occupants of the land concerned have the right to use and access facilities located outside the site and if there is an appropriate and legally binding use, access and maintenance agreement. The highest and best-used analysis of the auditor`s object property should take ownership into account as it is improved.

This treatment recognizes that existing improvements should remain in use until it is financially possible to remove the dwelling and build a new dwelling or renovate the existing dwelling. If the use of comparable sales shows that the improvements are relatively typical and consistent with market demand for the neighbourhood and that the current improvements contribute to the value of the subject`s property, so that its value is greater than the estimated value of the vacancy, the expert should consider the existing use as appropriate and declare it the highest and best use. VA: Shared Wells: The following conditions must be met for a common well: the actual duration of the agreement or contract, which in most cases should be unlimited and binding for future owners. If the property is not in a condition that imposes legal maintenance requirements and there is no agreement or agreement on road maintenance, or if there is an agreement or agreement that does not meet the above requirements, the lender may continue to grant the loan. However, the lender is required to compensate Fannie Mae (as described in A2-1-03, damages for losses) for all losses incurred by Fannie Mae due to the physical condition of the road, or to create and/or obtain access to the road. Where there is market resistance to an area due to environmental risks or other conditions for well, sewage or public water facilities, the assessment should focus on the impact of hazards on the value and commercialization of the object (see B4-1.4-08, environmental risk assessment requirements). Note: If the property is located in a state that has legal provisions defining the responsibilities of owners for the maintenance and repair of a private road, no separate agreement or arrangement is required.

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