Shared Agreement Meaning In Arizona

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Multi-State
Control #:
US-00036DR
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Word; 
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Description

The Equity Share Agreement is a legal document utilized in Arizona to outline the terms between two parties, referred to as Alpha and Beta, who are co-investing in a residential property. This agreement specifies purchase details, including the purchase price, down payment contributions, and financial arrangements such as loan terms and escrow expenses to be shared equally. It establishes the property ownership structure, indicating that both parties will hold title as tenants in common, and it delineates the responsibilities regarding property maintenance and utilities. The agreement also outlines how proceeds from a future sale will be distributed among the parties based on their capital contributions and the property’s appreciated value. It is particularly beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants in understanding investment roles, ensuring compliance with state laws, and providing clarity in shared property arrangements. The document promotes transparency and mutual accountability, making it an essential tool for those involved in co-investment ventures in Arizona.
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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