Legal Question in Real Estate Law in Arizona
About 2 years ago, I sold a piece of property that involved a shared well. The buyer and I wrote up and signed a contract stating his and my responsibilities for owning and maintaining a shared well. He received a mortgage for the property and a house that he built on the property. Recently, he "walked away" from his house, and the bank who held the mortgage now owns the property, and it is being sold by a realty company. Do the water rights to the shared well automatically go to the new potential buyer, or does the share that the former buyer owned revert back to me. Thank you for any help.
Jack
1 Answer from Attorneys
More information is needed to determine if your agreement was properly done and recorded so that the buyer's ownership of the well was accomplished. His lender should have required that this be done, but you never know what the true legal answer is without reviewing the documents and the specific facts of the transaction and action of the parties after the purchase agreement was made.
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