Revised Terms of Real Estate Purchase Agreement

When a large parcel of land is divided between two owners, future issues may arise if one owner sells their parcel. Our clients,  who had split up inherited acreage between themselves, faced a unique issue when they decided to sell a portion of the land. 

In this instance, the piece of the land our Clients were retaining had a rental home on it, to which water was supplied via a well on the piece of property being sold. When the parcel containing the well was sold, our clients needed a well usage agreement created in order to retain the right to use the well’s water until they had time to dig a new well on the land they were keeping. 

We reviewed the real estate purchase and sale agreement and proposed language regarding the use of the well for an established period of time. We also included language that the proceeds of the sale would be split evenly between our two clients, who jointly owned the parcel. This resulted in a successful revision of the terms of the real estate purchase agreement.