VA Pamphlet 26-7 Chapter 12, Topic 18: Shared Wells

Document
VA Lender's Handbook, VA Pamphlet 26-7
Version in Zeitro Strata
Where
pages 303–304 of 461

Page 303

Topic 18. Shared Wells

March 28, 2019

This Chapter has been revised in its entirety.

a. Shared Well Requirements

A shared well refers to a well that serves two or more properties. The shared well must be:

capable of providing a continuing supply of safe and potable water to each property simultaneously, so that each dwelling will be assured a sufficient quantity for all domestic purposes,

protected by a permanent easement, which allows for maintenance and repair, and

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maintained under a well-sharing agreement containing provisions for the cost of repairs that is binding on the signatory parties and successors in title and has been recorded in public records.

b. Appraiser Responsibility

The appraiser must report that that the property is served by a shared well and note any readily apparent deficiencies.

c. Lender Responsibility

The lender must obtain the shared well agreement and review the agreement to determine eligibility.

d. Water Quality

The water quality must meet the requirements for individual wells described in Topic 17 of this Chapter.

Guideline text quoted as published by the agency. The latest published version governs. This is not an underwriting decision.