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 Pennsylvania Agreement for Sale of Commercial Water Well is a legally binding document that outlines the terms and conditions for the transfer of ownership of a commercial water well in Pennsylvania. This agreement is essential in ensuring a smooth and lawful transaction between the seller and the buyer. Keywords: Pennsylvania, Agreement for Sale, Commercial Water Well, ownership, transfer, seller, buyer, transaction There are different types of Pennsylvania Agreements for Sale of Commercial Water Wells, each tailored to specific circumstances and requirements. Some commonly known variations are: 1. Pennsylvania Agreement for Sale of Active Commercial Water Well: This agreement is used when the commercial water well is currently in operation and producing water for commercial purposes. It includes provisions for the transfer of ownership, as well as details on the condition of the well, any associated equipment, and ongoing contracts or permits. 2. Pennsylvania Agreement for Sale of Inactive Commercial Water Well: In cases where the commercial water well is not currently in use, an agreement of this type would be used. It covers the details of the well's inactivity, any required reactivation processes, and highlights the responsibilities of both the seller and the buyer during the transfer process. 3. Pennsylvania Agreement for Sale of Commercial Water Well Leasehold: In situations where the seller does not own the underlying land but has the leasehold rights to operate a commercial water well on the property, a leasehold agreement is entered into. This agreement outlines the terms and conditions for selling the leasehold rights, including the transfer of any permits, licenses, and associated lease terms to the buyer. 4. Pennsylvania Agreement for Sale of Commercial Water Well Equipment: In instances where the sale primarily involves the equipment associated with a commercial water well, such as pumps, pipes, or filtration systems, this type of agreement is applicable. It clearly lists the equipment being sold, its condition, and any warranties or guarantees being provided. Regardless of the specific type, a Pennsylvania Agreement for Sale of Commercial Water Well typically includes key sections such as the identification of the parties involved, purchase price and payment terms, representations and warranties from the seller, conditions of the well's transfer, rights and permissions, governing law, and dispute resolution mechanisms. It is important for both parties to seek legal advice and ensure that the agreement is thorough, fair, and protects their rights and interests.
