In addition, lenders may require specific provisions for shared water agreements to guarantee their investment in mortgaged real estate. Contracting parties should develop the agreement and any changes that meet the requirements of their lenders as well as existing federal, regional and local laws. the parties would likely be sued as part of the agreement. The parties may, in certain circumstances, suspend the termination of water-related services as part of the agreement. When a party finds a new water source, such as a new well or municipal water source, it may need time to build and commission its new water source. Agreements that allow parties to use water for a reasonable period of time before putting their new systems online are beneficial. Seasonal factors such as frozen soil in winter or water for landscaping and livestock in summer must also be taken into account. At Smith Neufeld Jodoin LLP, we have experience in rural real estate transactions with wells and other themes common to rural real estate. Outside of Winnipeg-based businesses, we are the largest law firm in southeastern Manitoba. Remember, once the sales contract (the offer to buy) is concluded, it`s probably too late to deal with this problem properly! To take an example that we see too often in our office, a buyer may discover that a property through a common well accesses the water, but excited by the new purchase and has focused on the more interesting features of the home, eager to buy and not add conditions, the buyer simply makes sure that the offer to purchase contains a term that says something like “seller to provide a good deal before possession”. The offer to purchase is signed and the buyer`s terms are removed.
Near the date of possession, an old crumpled 1968 document called “Well Agreement” is given to the buyer, and it is an agreement regarding the property, but perhaps between different owners who were friends in 1968, perhaps a long paragraph, not professionally prepared, and it was never recorded on the titles. What are you doing? This article will not attempt to answer this question. responsible for the closure of the well, regardless of that We are the owners of a common well that is used by nine homes in our rural Wisconsin area. This spring we are receiving `city` water pipes. Our agreement stipulates that we must supply the other eight houses with well water for six months after the availability of the water supply. He also says that everyone must contribute to the costs of the good task (about $1200). Unfortunately, the well contract expires six months after the city`s water availability. How can I make sure they pay their share of the demolition costs if I don`t know what the cost will be until the contract expires? Can we require them to pay their share of the estimated cancellation costs in advance before the end of the contract? (I get the impression that the document was not well formulated at first, and now we are in a “catch 22.”) One of the characteristics of some (typically rural) neighbourhoods is the common well. If there are large disputes between neighbours over their common well, the owner, who does not have a well on his property and is not allowed to turn around, has few options. And without water, decisions must be made quickly. One possibility could be to drill a new well if government authorities and conditions permit.