Aproperty easement is an agreement reach between two parties over its use. The owner grants an easement to another party to use the land for some designated purpose and period. A general understanding of the benefits and drawbacks of easements will help investors better understand if they can be used to provide income for unused land. Some feel that easements are a harmless way to draw income, but others feel that they diminish a property’s value. The Woodall Law Firm PLLC and its team of real estate attorneys can help break down how an easement can affect property rights and value.
Easements in Real Estate Law
As previously stated, a property easement grants the right to use a property for a limited time. Easements can be affirmative, meaning person A is permitted to use person B’s property for a specific purpose. They can also be negative. Negative easements allow person A to use person B’s property for any reason except a specific use.
Easements can get even more complex, underscoring the need for good legal counsel. For instance, easements sometimes don’t involve individuals. Some easements specify properties as parties obligated in the deal. An easement in property A must be honored by whoever owns property B, even if property B is bought by a new owner. This sort of case is known as an “easement appurtenant”. In such an agreement, property B, the property with use and access rights to property A, is designated as the “dominant tenement”. Some property easements specify that if a property ownership changes then the easement is null and void. This is called an “easement in gross.”
A real estate lawyer should be able to simplify all the complexities of an easement when considering an investment in a commercial or residential property.
Easements in Residential Real Estate
Easements are common in residential real estate. Shared driveways and other parts of adjoining properties are often arranged with an easement agreement. When purchasing a home, existing easements need to be considered. They will still be in place even if a property changed hands. This means that you would still be required to share the driveway. It could also prevent you from doing any renovations on the driveway. Easements can impact plans for remodeling or any other changes to a property because the other party still has usage rights in place. Most homes also have easements so utility providers can access the property and provide power and gas.
Learn more about easements
Understanding easements and how they affect properties is important for any home or commercial buyer. Easements can affect a property’s value and use, and ultimately could affect someone’s purchase decision. The complexity of some easements needs legal counsel review and advice to help buyers understand all aspects of a property purchase. A capable real estate attorney will be able to simplify the impact of any easements, so buyers know what they are getting into. The seasoned legal team at The Woodall Law Firm PLLC works regularly with property easements. Contact us today to discuss how we can help you make the most informed purchase possible.