Rental Property Investor · Gainesville, FL · Member since 2015 · 1k+ posts · 432 votes
Subject describes it all.
What is the value or purpose of someone holding onto a "road" that has occupied properties (in this case all 15 SFR).
The road is owned by persons from an original owner since passed on. The homes on the road are all occupied by persons not related to the people that own the road.
So what value is it for the person that owns the road to keep it and not sell it to the owners of the residences in equal shares. Isn't there something that says that can be done, each owner of the SFR owns a portion like 1/15th and that passes onto the next owner when the property sells.
I guess just sticking with the question of what does the person who owns the road get out of this if they don't own any of the property? They have to pay taxes (albeit a small amount), fix the road and only when the people in the residences complain enough.
Hi Daria, Is this an actual situation rather than hypothetical?
Maybe the owner of the road thinks someone is going to offer them lottery money to buy them out someday.
Do the homeowners even want to buy them out? If so, have they made contact? I wonder why. The pavement owner is/are paying taxes on and maintaining the road, right, or not?
In short I see potential for a form of extortion. The holder of said easement could in theory put a security gate up on "their" road and charge a fee for the residents to have access to their home.
There was a house I passed on for this very same reason. It was a landlocked property and the only access was via a shared driveway. No easement filed of record. If I ever had a falling out with the neighbor he could easily lock the gate, put up "No Trespassing" signs and strand me with no access to the road. No thanks.
Hi Daria, Is this an actual situation rather than hypothetical?
Maybe the owner of the road thinks someone is going to offer them lottery money to buy them out someday.
Do the homeowners even want to buy them out? If so, have they made contact? I wonder why. The pavement owner is/are paying taxes on and maintaining the road, right, or not?
Yes, this is real. I came upon a property for sale and after doing some digging I found the road into the properties is an easement owned "not" buy any of the property owners.
I'm not sure what the other owners want but I was looking into it because as a potential investor, it was brought to my attention that the road was not maintained by the city/county. So this means the pot holes and any maintenance is by the owner of the road, if they are actually tending to it. From the looks of it, they are not doing anything pro-active.
In short I see potential for a form of extortion. The holder of said easement could in theory put a security gate up on "their" road and charge a fee for the residents to have access to their home.
There was a house I passed on for this very same reason. It was a landlocked property and the only access was via a shared driveway. No easement filed of record. If I ever had a falling out with the neighbor he could easily lock the gate, put up "No Trespassing" signs and strand me with no access to the road. No thanks.
Gee not good at all. This is one of the many things I've learned over the past few months. Never would I have thought these seemingly little things make a difference but they do. This all started when I asked, "who maintains the roads". Yup....
In short I see potential for a form of extortion. The holder of said easement could in theory put a security gate up on "their" road and charge a fee for the residents to have access to their home.
There was a house I passed on for this very same reason. It was a landlocked property and the only access was via a shared driveway. No easement filed of record. If I ever had a falling out with the neighbor he could easily lock the gate, put up "No Trespassing" signs and strand me with no access to the road. No thanks.
I doubt the owner would be able to do that. The easement sounds like it is recorded, which I suspect eensures access for current homeowners. Additionaly, if they did put up a gate, homeowners could sue for an easement by necessity.
In short I see potential for a form of extortion. The holder of said easement could in theory put a security gate up on "their" road and charge a fee for the residents to have access to their home.
There was a house I passed on for this very same reason. It was a landlocked property and the only access was via a shared driveway. No easement filed of record. If I ever had a falling out with the neighbor he could easily lock the gate, put up "No Trespassing" signs and strand me with no access to the road. No thanks.
I doubt the owner would be able to do that. The easement sounds like it is recorded, which I suspect eensures access for current homeowners. Additionaly, if they did put up a gate, homeowners could sue for an easement by necessity.