Need new shared well drilled, how to finance equally between 3 parties?

Our shared well recently went dry and it has been determined we need a new well drilled. We have it set up with it's own tax ID and each of 3 households pays $120 a year into the well account for maintenance. We are trying to determine how best to pay for the drilling of the new well that can be transferred if one party moves. So, if it is $10k each to pay for the well and we move next year, we dont want to have to continue paying for our portion of the well after moving. We would want to be able to pass that on to the new owners who will be benefitting from the new much deeper well. Any advice on this would be appreciated. Luckily all 3 parties are willing to pony up their 3rd and we all plan to be living here long term, but we all have the same concern if one of us does move.

Traquy said:

We are trying to determine how best to pay for the drilling of the new well that can be transferred if one party moves.

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I suggest all concerned and affected parties hire a lawyer to discuss and then codify your concerns into a contract.

Be advised, your arrangement could turn off future buyers, preventing the sale of your property.

It would behoove all of you to discuss this issue with a lawyer.

Drilling a potable water well isn't a DIY project anymore than resolving a complex legal matter.

Wild guess here. Set up a 3 member homeowners association so that the HOA owns the shared well as a common area and the 120 per year are the HOA fees. Create the documents, record them, and any one buying any of the properties would be obligated to the HOA for the annual fees.

Likely more complicated than I have put it, so please do consult an attorney.