Fha Shared Well Agreement Form For Mortgage
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FAQ
A shared well shall have a valve on each dwelling service line as it leaves the well. A shared well shall service no more than four living units or properties. 2. Well agreement - A shared well must have a shared well agreement and shall be binding upon signatory parties and their successors in title.
In many rural areas, it is common to find one or more homeowners sharing a single well system. Modern wells allow access to groundwater, supplying water to 23 million households nationwide.
A shared well agreement is a legal document that is used to create an agreement between two or more property owners who share access to a common well. This agreement outlines the rights and responsibilities of each party involved in the shared well.
Because shared wells serve two to four households, the rate of wear they experience will be much greater, resulting in the need for more frequent repairs and maintenance. Homeowners who share the benefits of the well should also share in the cost to fix it, maintain it, or replace it.
Elements in a Shared Well Agreement o must be capable of providing at least three gallons per minute for existing wells and five gallons per minute for new construction over a continuous four-hour period.