Parties Agreement Contract: Everything You Need to Know
A parties agreement contract, also known as a party wall agreement or a party wall award, is a legal agreement made between two adjoining property owners to resolve disputes regarding shared walls, fences, or boundaries. The agreement outlines the responsibilities, rights, and obligations of each party. It serves as a guide for property owners who share a common wall and governs their behavior concerning the wall.
What is a Party Wall Agreement?
A party wall agreement is a legal document that outlines how neighboring property owners should use, maintain, and repair their shared wall or boundary. This agreement is made between the property owners where there is shared ownership of a wall or fence that separates both properties.
What Does a Party Wall Agreement Cover?
A party wall agreement covers various issues such as the construction work, maintenance, repair, alteration, or demolition on the shared wall or boundary. The agreement outlines the responsibilities and costs of maintaining the wall or fence. The property owners must agree on who will carry out the repairs, upkeep, and maintenance of the shared wall or fence.
The party wall agreement also covers how the property owners should deal with disputes that may arise. The agreement outlines the steps that the parties must take to resolve any issues quickly and amicably without resorting to litigation.
Why Do You Need a Party Wall Agreement?
A party wall agreement is crucial for property owners who share a wall or boundary. The agreement outlines the rules for the ownership, repair, and maintenance of the shared wall or fence. It also clarifies who is responsible for carrying out repairs, upkeep, and maintenance of the wall or fence.
A party wall agreement helps to prevent disputes between neighboring property owners. It sets the standard for how the parties should behave and provides a framework for dealing with disputes. If a dispute does arise, the parties can use the agreement to resolve the dispute quickly and amicably.
How to Draft a Party Wall Agreement?
The party wall agreement should be drafted by a qualified professional, preferably a solicitor. A well-drafted agreement will ensure that the rights and obligations of all parties are fully protected.
The agreement should include the following:
– The names and addresses of all parties involved in the agreement.
– A full description of the shared wall or boundary.
– Details of any proposed building work or alterations to the shared wall or boundary.
– Information on the responsibilities and costs of maintaining the shared wall or boundary.
– Procedures for resolving disputes that may arise.
– Signatures of all parties involved in the agreement.
Conclusion
A party wall agreement is a crucial legal document for property owners who share a boundary. The agreement outlines the responsibilities, rights, and obligations of each party concerning a shared wall or fence. It helps to prevent disputes between neighboring property owners and sets the standard for how the parties should behave. If you`re a property owner who shares a boundary and you need to draft a party wall agreement, consult a qualified professional like a solicitor.