Shared Agreement Meaning In Arizona

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Multi-State
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US-00036DR
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Description

In equity sharing both parties benefit from the relationship. Equity sharing, also known as housing equity partnership (HEP), gives a person the opportunity to purchase a home even if he cannot afford a mortgage on the whole of the current value. Often the remaining share is held by the house builder, property owner or a housing association. Both parties receive tax benefits. Another advantage is the return on investment for the investor, while for the occupier a home becomes readily available even when funds are insufficient.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

Well share agreements are private contracts executed by private parties to govern the manner in which a well provides water to multiple properties. While Arizona water law governs how a well is to be drilled and located, it does not govern the operation or management of a well share agreement.

TENANCY IN COMMON In Arizona, owning property as “tenants in common” is the default for co-ownership of real property. If a deed transfers title of real property to two or more individuals in their names with no specific rights of survivorship language, then the owners own the property as tenants in common.

Most well water is pumped out of the ground automatically using a submersible pump or a jet pump that sits on top of the ground and draws water out of the ground to create water pressure for the home. Some well water systems store water in a large storage tank before pumping it again to the house.

Average Water Well Depth The majority of wells drilled for household use in the Greater Phoenix area of Arizona can range from 300 to 1000 feet deep.

Well is Owned by Those Named on the Deed When a shared well site is situated on a parcel of land that is deeded and recorded in the appropriate Arizona county, the well is owned by the names listed on that deed.

A public water system is officially defined as having a least 15 connections or serve 25 persons or more and operate for more than 60 days of the year. There are many shared well systems operating in Arizona today that are serving fewer that 15 homes, but they have more than 25 people living full time served by them.

How does a Shared Well Work? A Shared Well most commonly involves adjacent homeowners who elect to share the water of a single private well. The water rights are outlined in a legal document called a Shared Well Agreement.

Initially, shared wells may seem like a practical arrangement to reduce costs. However, discrepancies in water usage during droughts or dry seasons can strain relationships and lead to disagreements. Maintenance and upgrades become shared responsibilities, further complicating matters.

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Shared Agreement Meaning In Arizona