Are you considering buying a property that has a shared well with neighboring properties? Or are you a property owner who is planning to enter into a shared well agreement with your neighbors? In either case, it is crucial to have a clear and comprehensive shared well agreement to avoid any disputes or misunderstandings in the future.
A shared well agreement is a legal agreement between property owners who share the use and maintenance of a well. This agreement outlines the responsibilities, rights, and obligations of each property owner concerning the well`s operation, maintenance, and repair.
Here is an example of a shared well agreement that can be used as a template:
PARTIES:
This agreement is made on [DATE] between [PROPERTY OWNER 1], [PROPERTY OWNER 2], [PROPERTY OWNER 3], etc., collectively referred to as “Owners.”
PURPOSE:
The purpose of this agreement is to establish the rights and responsibilities of Owners concerning the shared well located at [ADDRESS], collectively referred to as “Well.”
TERM:
This agreement shall be in effect from the date of signing and will remain in force until the Well is no longer shared by any of the Owners.
USE OF WELL:
All Owners have the right to use the Well for domestic purposes only.
OPERATION OF WELL:
Owners shall share the cost of operating the Well equally. The Well shall be operated in a manner that is safe, efficient, and in compliance with all local, state, and federal laws and regulations.
MAINTENANCE AND REPAIR:
Owners shall equally share the cost of maintaining and repairing the Well. All maintenance and repair work shall be done by qualified professionals. In the event of an emergency, any Owner may arrange for immediate repairs and notify all other Owners as soon as possible.
ACCESS TO WELL:
All Owners shall have safe and unobstructed access to the Well for maintenance and repair purposes.
DISPUTE RESOLUTION:
In the event of a dispute, all Owners shall communicate with each other in good faith and make reasonable efforts to resolve the issue. If the dispute remains unresolved, all Owners agree to submit to binding arbitration.
SEVERABILITY:
If any provision of this agreement is found to be invalid or unenforceable by a court of law, the remaining provisions shall remain in full force and effect.
MODIFICATION:
This agreement may be modified or amended by written agreement signed by all Owners.
This is just an example of a shared well agreement. It is essential to tailor the agreement to fit the specific needs and circumstances of your situation. It is also advisable to seek legal advice before entering into any legal agreement.
In conclusion, a shared well agreement is a vital legal document that can avoid disputes and misunderstandings among property owners who share a well. Make sure you have a clear and comprehensive agreement in place before sharing a well with your neighbors.