Arizona well share managers oversee the management of shared water wells. They are responsible for making sure the well is successfully managed.
well share manager tasks
- Manage the Designated Bank Account– A designated bank account should be used well pump electricity, well repairs, and well maintenance. Traditionally, each property owner pays a flat amount to cover the cost of the electricity and to set aside money for repairs. The well manager can periodically send a statement to all parties to the well share agreement so they can see how much money is sitting in the bank accounts.
- Paying the Utility Bills– Wells use electric pumps to bring water to the surface. Similar to the electricity bill for your home, a utility bill is generated each month. The well share manager can verify that each homeowner paid their fair share and their pay the bill.
- Repairs to Water Wells-Water well share managers are responsible for contacting and coordinating repair and maintenance to the shared well. paying the costs of repairs.
- Water Quality– Well water quality is of utmost importance. Imagine if everyone was drinking tainted water? The well manager can schedule water quality tests, send the results to all parties and keep records of the results.
PURPOSE OF THE WELL SHARE BANK ACCOUNT
A well share bank account can help the parties save a little each month to cover the cost of expensive repairs.
1. Pay the Electricity Costs for the Well
Electric pumps bring water from the well into a storage tank. Traditionally, there is a single electricity meter attached to the pump. As such, it is impossible to tell how much electricity was used to deliver water to a particular household. For this reason, most Parties to a shared well agreement pay an equal amount of money each month for the electricity.
2. Save for Major Repairs to the Water Well
The second major reason homeowners use a joint checking account is to set aside a little money each month for major repairs to the well. With this nest egg, no one is left scrambling to come up with the money.
Major repairs may include replacing a pump, fixing a water leak, or even deepening the well.
- Open the Bank Account Now– Even if the well share agreement is not finalized it is not too early to open the shared bank account.
- Specific Purpose– The well share bank account should not be used for any other purpose than maintaining the water well.
- Equal Access to the Bank Statements– The bank can send monthly statements to each homeowner. This way, every can verify that the electricity bill is being paid and that the accumulated money stays in the account.
If you have questions about how a shared well manager can help with your shared well then contact the Dunaway Law Group at 480-702-1608 or message us HERE.
These blog posts are not intended, nor shall they be deemed to be the rendering of legal advice. Reading these blog posts does not create an attorney-client relationship, nor shall it impose an obligation on the part of the attorney to respond to further inquiry. The Dunaway Law Group limits its practice to the states of Arizona and New York.