Sample Shared Well Agreement

Koelker`s buyer was able to reassure his interest in his well, but this was only through a default judgment. If the buyer had not done so, he might have been forced to share his well with third parties. The easiest way to avoid the problem in Koelker is for the parties to register the agreement in the district writer`s office in the county where the well is located. If service links are outside that county, the agreement should also be registered in the other county. As with any document that governs ongoing ownership interests with the country, amendments should be written and recorded. [16] If you want to buy a house, if you are not sure if the property has communal water, you need to ask or find out if it has a common well. If the property is served by a common well, we advise buyers to always draw the attention of their lawyer and consult a lawyer before accepting the offer to purchase, or at least to subordinate the offer to the lawyer`s agreement and draw the lawyer`s attention to this issue. Here too, it is worth drawing the attention of lawyers to common wells or well agreements in order to be able to properly advise their clients. The lawyer can perform a title search (if the broker has not already done so) to find out if a well agreement is registered against the security.

It is not enough to require a seller to make a well agreement (which is a simple old agreement between former owners) – it should be a registered well agreement (registered with the Land Titles Office) that has been verified by the buyer`s lawyer. The buyer will want to know on what land the well is located, whether the contract is registered with the Land Titles Office and, if so, what it says in terms of electricity and other costs. It is also important to note that in the case of a common well, credit institutions may need a registered well agreement as a condition of financing. If the issue has not been addressed properly in advance, it can sometimes be an unpleasant surprise for buyers who have signed an offer to purchase and are now trying to secure or enter into their „pre-approved“ financing agreements. In fact, if your mortgage is insured (for example by Canada Mortgage and Housing Corporation or elsewhere) if there is a common well, there is usually a requirement to have a registered agreement regarding the well agreement. It can also pose serious problems when concluding an otherwise relatively simple purchase/sale and jeopardize the entire deal. (And there may be other credit requirements related to wells, such as for example. B the requirement for a water drinkability check or a title insurance requirement.) A common well is a well typically located on land, with a submersible pump (unless the well is a fluid artesian well). . . .