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 Wisconsin Agreement for Sale of Commercial Water Well is a legal document that outlines the terms and conditions under which a commercial water well is bought and sold in the state of Wisconsin. This agreement is crucial for ensuring a smooth and transparent transaction between the seller and the buyer, helping to protect the interests of both parties involved. The agreement typically includes essential details such as the names and contact information of the buyer and the seller, the location and description of the commercial water well-being sold, its specifications, and any liabilities associated with it. It also outlines the purchase price, the payment terms, and the agreed-upon closing date for the transaction. Additionally, the Wisconsin Agreement for Sale of Commercial Water Well may specify the conditions precedent that the buyer must satisfy before the sale is finalized. These may include obtaining permits, conducting inspections, and ensuring compliance with state regulations and environmental laws. There are different types of Wisconsin Agreements for Sale of Commercial Water Well, tailored to specific situations and needs: 1. Standard Agreement: This is the most commonly used type of agreement, covering the sale of a fully operational commercial water well. 2. Conditional Agreement: This type of agreement is employed when certain conditions need to be met before the sale can proceed. Examples of such conditions may involve repairs or upgrades to the well system, obtaining necessary permits, or resolving any legal or environmental issues. 3. Lease with Option to Purchase Agreement: In some cases, the seller might offer a lease agreement with an option to purchase the commercial water well at a later date. This allows the buyer to test the well's performance and assess its suitability for their specific needs before committing to the purchase. It is strongly recommended seeking legal counsel when drafting or reviewing a Wisconsin Agreement for Sale of Commercial Water Well. Hiring an attorney with expertise in real estate and water law will ensure that the agreement complies with all applicable state laws and protects your rights and interests.
