A party wall agreement establishes rights and obligations regarding the shared wall. The maintenance obligations for the party wall are discussed and mentioned clearly in the party wall agreement helps prevent legal disputes and provide clarity to the parties. Shared party walls can also be set up in a single property to make multiple divisions. It is quite popular to set up a cubicle or individual rent unit system where the owner remains the property holder and only rents out the small sections of his property. The party wall agreements are quite popularly established in the land division, such as while dividing an inherited property or when the partners split up.
Within the agreement, there is a clear distinction of the property limits, which helps reduce the friction between the parties involved. Setting up a foolproof party wall agreement is a highly valuable asset that can be helpful in the future for either party. It helps decrease complications and is highly beneficial in the court if the neighboring party files any case. It is also helpful in protecting one's rights and values. For example, if the other party doesn't abide by the terms and conditions stated in the contract, you can also file a suit and get justice.
It helps in understanding what you can do with the shared party wall. For instance, you can paint and hang pictures on your side of the wall. However, simultaneously, you cannot drill holes into the wall that exceed a certain level. For example, for any damage done by you due to which a hole is created in the wall, you are liable to compensate for the same and fill the space. The detailed rights and restrictions of the party wall will be outlined in the agreement itself.
A party wall is a separating unit between two properties. Here are the benefits of having a party wall set up -