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In my rural area, it can be a VERY BIG deal. We often sell properties with irrigation water and those rights need to be researched by the buyer.
Nina Hollander, Broker
Debe Maxwell, CRS
I suggest you check with your local real estate professor ... all real estate is local.
Nina Hollander, Broker
I drink water, and if you stop by I will share.
Just with answering this question. Real non-existant in suburbia.
not much at this time
We do not have those issues in our area.
Lucky, do not have them in the city.
This has never been a concern nor have I had any dealings with water rights in my area.
Oakly Rogers - fortunately for me - nothing of that sort, yet!
Florida is governed by riparian rights.
This isn't something agents get "involved" in, per se. But, the lender will want to be certain there is a year around supply of potable water to any property being financed. "Water rights and shares" are more of an issue in rural, agricultural, and waterfront areas.
I would think your Professor would know this as he has had dozens ask this one.
In the city of Dallas none.
I have no involvement in my area
My involvement is very small. We do have some areas in my market where there are shares in the water company and it is handled in the escrow process -- primarily a paperwork transfer.
I have no involvement with that in my area....
Never had to deal with this.
We don't see much of this in the City.
Chapter 7: Property Rights
We do not have those issues here in NH.
In Maine plenty of water so not at all.
I am answering this question at least for the 30th time now--NONE!
This is a state & locally-specific question - check with your instructor.
All real estate is local better check with your area.
It would depend on the specific transaction and location of the property.
Not an issue in the states I practice in. Check your local laws and ordinances!
In coastal Florida the issue is riparian rights and the coatal control line.
As Mark Twain wrote, "Whiskey is for drinking over and water is for fighting over." As a real estate professional, you need to stay out of the fray by referring to those with authority on the subject matter.
That is worth 2 new required forms to our real estate transaction when selling land....
If your seller has water rights, these all need to be disclosed. If there is a potential the seller could lose his/her water rights, this needs to be disclosed. If you represent a buyer who needs water rights, you need to find a property which has these.