A well is an excavation or hole dug, bored or drilled into the earth for the purpose of obtaining water from subterranean sources. Subject to legislative restrictions, a landowner may sink a well on the landowner's premises for the purpose of extracting water, and use or sell the water. Rights in such wells may be controlled by contract or deed.
The following form is an agreement for sale of a commercial water well (as opposed to one used for a residence).
The New Hampshire Agreement for Sale of Commercial Water Well is a legally binding document which outlines the terms and conditions involved in the sale and purchase of a commercial water well in the state of New Hampshire. This agreement serves as a critical tool to ensure a smooth transaction between the buyer and the seller, covering various important aspects regarding ownership transfer, property condition, and the responsibilities of both parties. Key provisions included in the New Hampshire Agreement for Sale of Commercial Water Well typically encompass the following: 1. Parties: Clearly identifies the parties involved in the transaction, including the legal names and addresses of the buyer and the seller. 2. Purchase Price and Terms: Specifies the agreed-upon purchase price for the commercial water well, along with the payment terms such as down payment, installment amounts, and any applicable interest rates. 3. Property Description: Provides a detailed description of the commercial water well-being sold, including its location, boundaries, access rights, and any associated fixtures or equipment included in the sale. 4. Due Diligence: Allows the buyer a stipulated period to conduct inspections, tests, and investigations to ensure the well's condition, water quality, permits, licenses, and compliance with all regulations. 5. Seller's Representations and Warranties: Outlines the representations and warranties made by the seller regarding the condition of the commercial water well, including assurances about its functionality, absence of liens or encumbrances, and compliance with applicable laws and regulations. 6. Closing and Transfer: Establishes the closing date and location for the transaction, detailing the necessary documentation and procedures involved in transferring ownership of the water well, including licenses, permits, and any other legal requirements. 7. Risk of Loss: Determines which party bears the risk of loss or damage to the well between the signing of the agreement and the closing date. 8. Escrow: If applicable, details the use of an escrow agent or third-party to hold funds or documents until specified conditions are met by both parties. 9. Default and Remedies: Outlines the remedies available to parties in case of default, breach, or failure to comply with the terms and conditions of the agreement, including the right to terminate the agreement or seek damages. 10. Additional Provisions: Allows for the inclusion of any additional clauses or provisions agreed upon by both parties, addressing specific considerations or requirements related to the sale of the commercial water well. While there may not be different types of the New Hampshire Agreement for Sale of Commercial Water Well, modifications and customizations can be made to suit the unique needs of each transaction, depending on factors such as the complexity of the deal, financing arrangements, and any specific state or local requirements.
