Live in a townhome, have a party wall with the other unit. I have been here since 1988, bought it from the Govt. after they took over a savings and loan that went under. Don't think there was an agreement then. The other unit sold just a couple of weeks ago and they want me to sign a party wall agreement. Thoughts?

Is this being driven by the new owner as a condition of the sale? The obvious question here is, what’s in it for you? Why would you want to legally obligate yourself to participate in maintenance or repairs that your neighbor decides may be necessary in the future?

TXJIM hit all the high points.

I wouldn't sign it.

Screw that

You might want to might sign it if it provides you protections, and doesn't obligate you financially. If the idea seems reasonable, have an attorney review it, and make changes best suited for you. You're in the position of strength, so this might be a good opportunity to protect yourself from a potentially bad situation.

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Originally posted by jigray3:
You might want to might sign it if it provides you protections, and doesn't obligate you financially.

Sounds like a money waster to me. No reason to sign something you haven't spent money having reviewed. Too many downsides, no upside for you. Will the realtor pay your attorney's fee? Tell him to FO.

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party wall

You might want a lawyer to look at it. It could be the agreement would be better for you than just relying on the default legal treatment of a party wall in your area.

The buyer’s mortgage lender is probably requiring it. If one currently existed, it would be recorded at the registrar of deeds. The other possibility is there was an agreement when the townhome was built which should also have been recorded.

Sounds like one should already be in place and recorded, and if not, might not be a bad idea, the suggestions to have an attorney review any agreement someone else asks you to sign is a valid one.

From a interweb googlization>

The traditional party wall principle says that each owner acquires title to one-half of the wall, and each owner also is granted an easement for the support of the structure.

Party Wall Agreements
A party wall agreement stipulates rules around ownership and maintenance obligations for a shared wall. The goal of a party wall agreement is to obviate disputes between parties. In addition to shared walls, a party wall can also refer to one attached and adjacent to the property, walls belonging to a single building structure, dividing walls between adjoining units, and those standing on the land of two or more owners.

A party wall agreement between adjacent owners is an invaluable tool for business owners, in particular, so they can avoid expensive litigation over disputes. These agreements define which party is obligated to maintain the wall, as well as the repercussions if the wall is not maintained. Typically, a party wall agreement requires the owners to maintain their portion of the wall consistently and harmoniously.

Such agreements will stipulate rules regarding a party’s rights to alter the wall. For instance, an agreement might say that both parties can hang pictures on their respective sides of the wall. The agreement might also stipulate, however, that for one party to make structural changes to the party wall, it would require the consent of both parties.

Once owners legally consent to the terms, party wall agreements are recorded in applicable land records, usually at the County Clerk’s Office. By including the party wall agreement in the County Clerk’s records, prospective buyers can understand the property they are considering purchasing.

Party wall agreements often deal with the responsibility to maintain not only the common wall but also roofs and drainage. There are a ton of advantages to you to have such an agreement in place. Get a local real estate attorney to review it and go from there. Also, if you go to sell your unit you may also increase the value of your own unit.