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Shared Well Agreement Example Form
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People also ask
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What are the disadvantages of a shared well?
The Cons of A Shared Well Any time we share a resource we are limiting the Control of the resource. Additionally, each well has a maximum flow of water it can yield, and if the flow rate may not be high enough to meet all the parties' intended uses such as domestic water use as well as irrigation.
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What are the disadvantages of a shared well?
What are the common problems with well sharing agreements? First, these agreements typically share electricity and other expenses equally. Conflicts often arise when one party allegedly uses more water than the others, but each party pays the same amount.
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Does a shared well decrease property value?
As long as the well has adequate water to service both properties and there is written agreement guaranteeing the water, then my experience is that it does not impact marketablity or value.
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How long does a shared well last?
A well-maintained well typically has a long lifespan of about 30 years. A deep well provides a seemingly endless water supply to multiple households. By sharing the costs of the well, you can afford to build a stronger and deeper well from the start.
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Does a shared well decrease property value?
As long as the well has adequate water to service both properties and there is written agreement guaranteeing the water, then my experience is that it does not impact marketablity or value.
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Can you get a mortgage with a shared well?
Under federal mortgage insurance guidelines, shared wells must meet minimum flow and water quality standards. U.S. Department of Housing and Urban Development (HUD) sets minimum standards for shared wells that must be met to qualify for a Federal Housing Administration (FHA) insured mortgage.
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How does a shared well agreement work?
The Shared Water Well Agreement It should spell out all of the costs and responsibilities for maintaining the supply for each party. HUD sets standards for shared well agreements and in many states, the state's health department may also have legal requirements as part of the well approval process.
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What is the difference between a shared well and a community well?
A community well is typically bigger than a single-household well. This can mean more weekly maintenance. With a shared well, you share the load. The common goal can be unifying in your community as neighbors come together to keep their well water running smoothly.
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