PaulR:
This type of thing you are doing here is somthing I have been doing on a regular basis for YEARS now. I am ALWAYS looking and evaluating buying and selling lakes and ponds.. Let me tell you this!! and take it to HEART!! IF! the laws about water are the same as it is in Georgia...then you might want to stay away from this!!
The pond is shared with adjacent land owners BY LAW that adjacent land owner has ALL rights to ALL parts of this pond. Here again this is a Georgia Law. In other words any person can take boat who is adjoin to that body of water and go on ANY part of that lake and fish as well.
Rule I ALWAYS follow, NEVER NEVER buy a shared lake or pond!! Unless of course it is some Huge public named lake...