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Updated about 4 years ago,
Need advice about easement/shared area
I am new to real estate investing and trying to learn about how
A couple of weeks back my offer for a fourplex got accepted. So this property originally had 4 fourplexes and these 4 buildings share a carports/trash pickup. This property also has about 100-foot long road which is also shared by a single-family house for which this is the only access road. The fourplex I am buying is the last building towards the end of this road.
During escrow, we discovered that as part of this deal we will own the shared trash place and carports that are used by tenants from the other 3 buildings. I was wondering if this is a risk? I am worried about things like if the place that is used for trash storage or one of the carports used by other buildings breaks would I be the only one responsible for fixing it, how can I get the owners of other buildings to share the cost of the common area as well as repairing the road. I am also worried about the liability part of it.
I was wondering if someone else has faced this situation and what would be your advice
Thanks
Sunil