10. All rights and obligations under this agreement shall be binding upon and insure to the benefit of the successors and assigns of the parties. All rights and agreements run with the land and shall apply to any and all persons hereinafter acquiring any interest in ‘Exhibit C and to any future parcels that may be created’.
Echibit C describes the other parcels that share the well. I am buying this property and want to be sure I do not need any specific share well statement other than this share well agreement that was recorded in the original owner’s name. Thank you
It appears from the language that you cite that the shared well agreement passes with the land and the belongs to the land owner, not a specific individual. But the only way to get a definite opinion is to have an attorney review the document. If you are concerned, you should have the real estate contract and the well agreement reviewed by a local attorney practicing real estate law. A one to two-hour consultation should cost about $200.00 to $500.00.
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