Arizona | Real Estate Law
11/15/09, 8:42 pm
Legal Question
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
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