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Hud Shared Well Agreement - FAQ

How many properties can share a well?
By definition, a shared well is a well that services more than one home whether its for residential or irrigation purposes. They can service up to two or more homes, and if there were more than four, then it would be classified as a community well.
What Does it Mean to Have a Shared Well? | Northeast Water Wells
You need to talk to your real estate lawyer about the legal rights they have to use your well, What you can charge for it, and how you can cancel the agreement, or updated it with the monthly costs that allow you to recover your costs for operations, and to build a reserve fund for repairs, replacements etc, and to be ...
What is a joint well?
By definition, a shared well is a well that services more than one home whether its for residential or irrigation purposes. ... They can service up to two or more homes, and if there were more than four, then it would be classified as a community well.
What does a shared well mean? - FindAnyAnswer.com
Shared wells usually decrease the property value of each home that shares those wells. That decrease in property values is often justified because of the size and quantities of unknown situations that can arise from sharing a well.
How do you write a shared well contract?
Name and address of the supplying party. Name and address of the supplied party. Address of the property with the well. Legal description of the property (Parcel 1) Legal description of the Parcel 2. Conditions of the agreement.
How do I create a shared well contract?
Name and address of the supplying party. Name and address of the supplied party. Address of the property with the well. Legal description of the property (Parcel 1) Legal description of the Parcel 2. Conditions of the agreement.
How much does it cost to put in a well?
$3,750 13 $15,300 (Average Cost) The average cost to put in a new water well is $3,750 to $15,300 while installing a well and septic system costs $6,000 to $20,000. Well drilling costs $25 to $65 per foot for a complete installation, or $15 to $25 per foot just to drill.
Are shared wells bad?
The agreement usually includes the well's production of water in gallons per minute (GPM) flow. This agreement may be called a Shared Well Agreement. ... Shared wells are a bad, bad idea. The only way a multiparty well works long term is for the parties to pay a monthly fee, based on usage.
What is a Shared Well Agreement? Buying A Home with a Water Well?
Often, especially in more rural areas, it's not uncommon for several neighbors to share a single well and water supply system. While this can be a convenient method for receiving your water, sharing a well and managing a shared system requires diligence and cooperation among all of the parties involved.