Western Heights Water Company is a mutual shareholder owned Water Company. All property owners in our service area own shares of stock and are shareholders in this company. Shareholders are issued stock certificates which entitle them their right to water. Our corporate by-laws state that each water meter must have one share of water stock in order to receive water.
This water stock is made appurtenant to the land and will remain with the property as long as all bills are paid. Should the bill become delinquent and unpaid for a specific period of time, the share of stock will be forfeited back to the company, and the water service will be discontinued at the service address.
Please note that WHWC stock has no speculative trading value. For example, Company stock is not bought and sold on the New York Exchange. Company stock shares entitle the owner to water service only. Should the proposed water service be located in an area where no water pipelines (water mains) exist, the shareholder will be required to pay for the installation of new pipelines and/or additional infrastructures required to provide water service to the identified service location.
Transferring Water Stock
A water stock certificate is a legal document that requires proper legal documentation to remove one party and add another.
When property is bought or sold and escrow is opened, the Escrow Company will send us a request for a demand. WHWC will fax a demand to include the stock transfer in the escrow.
The items required to complete the transfer are:
- Original Water Stock Certificate –or- Affidavit of Lost Certificate
- Assignment of Stock –or- Trustee’s Deed Upon Sale
- Instructions to issue a Water Stock Certificate
- Pledgee release –or- Reconveyence from lender, if applicable
- Copy of new Grant Deed
In addition to the required paperwork, the closing water bill and a $100.00 transfer fee must be paid before stock can be transferred.