Home Sale Requiring me to enter into contract with neighbors?

[Anthony Newbold]

Home Sale Requiring me to enter into contract with neighbors?

...or I could have titled this post:

VA Requires a Home Owners Association to be created?

My neighbor is selling his home and the VA home loan that the new buyers are getting is requiring me and my other neighbor to enter into contract to maintain our road.

Here's the deal:  I live in a nice neighborhood and on a private drive off the main road.  On this 'private' drive are 3 homes.  Mine and 2 others.  It is a normal asphault road/ drive (single lane).

My neighbor is selling their home and they are asking me and the other neighbor to sign a contract stating that all three neighbors will maintain this road in 'good' condition for perpetuity and this contract shall 'run with the land'

Sounds like I would be creating/ joining a type of HomeOwners Association, and placing some sort of 'deed' restriction on my property.

Why would I do this? .... other than to keep my neighbor that is moving happy.

Thoughts?