Real Estate

Easement in Real Estate and What You Need to Know About It

Easement in Real Estate and What You Need to Know About It

An easement gives you the right to use a part of a property that you don’t own. An easement can be created on a property or connected to it for a variety of reasons. It’s essential to know what circumstances may affect the sale of an easement or an easement-attached property, whether you’re selling an easement or an easement-attached property.

Publicizing an Easement

If you own a property with an easement, you must disclose this information when selling it, because the easement comes in tandem with the property, which can only be dissolved through a court injunction.

You’re effectively selling the easement together with the property, which can’t be separated without a court order. You must also notify the easement beneficiary, that is the person or party that has the right to utilize the property, of the sale and reveal the new owners.

The Actual Sale

You can create a new easement on your property to provide someone else the right to use it for a specific reason. Your neighbor, for example, may be unable to access his land without crossing into yours and would wish to establish an easement on your land. These rights can be sold just like real estate can, but you will probably need to draw out a contract that spells out the terms and conditions of the easement.

Defining the Intricacies

When selling or creating an easement, you must specify the easement’s exact position and dimensions, as well as who possesses the easement’s rights and what the holder is permitted to do on the property. So get a real estate attorney to assist you in defining the terms and details of the easement.

Lookup the Title Properly

You may be selling an easement along with a property and be unaware of it because they are perpetual meaning they do not expire and stay linked to the property to the property’s title, except removed legally.

This is why it is crucial to check the title of a property so you can identify any easement attached to it, as it could impact the value of the said property.

The Author

Ajisebutu Doyinsola

Doyinsola Ajisebutu is a journalist and prolific writer who takes a special interest in Finance, Insurance, and the Tech world.