Shared Agreements Examples In Phoenix

Category:

Real Estate - Contracts - Equity

State:

Multi-State

City:

Phoenix

Control #:

US-00036DR

Format:

Instant download

Description

The Equity Share Agreement serves as a formal contract between two parties, referred to as Alpha and Beta, who are jointly investing in a residential property. The document outlines the purchase price, down payment distribution, and financing arrangements, ensuring both parties' financial contributions are clearly defined. It designates the responsibilities of each party regarding maintenance, utility payments, and describes the sharing of expenses equally. As they form an equity-sharing venture, the agreement details the terms of resale, the distribution of proceeds, and specifies actions in the event of one party's death. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who are involved in real estate transactions, as it clarifies investment roles and protections. Filling instructions include inserting personal and property details, as well as percentages of financial contributions. The language is straightforward, making it accessible for users with varying levels of legal understanding, and supports effective legal practices in the state of Phoenix.

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FAQ

Call the title company who did the closing. There should have been that shared well agreement or something similar recorded with the clerk of court.

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.

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.

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.

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.

This agreement outlines the rights and responsibilities of each party involved in the shared well. It typically includes details on the maintenance of the well, how water will be allocated, and who is responsible for any repairs.

Call the title company who did the closing. There should have been that shared well agreement or something similar recorded with the clerk of court.