By ,
Published January 31, 2017
What is an easement? Sure, it has the word "ease" in it, but most home buyers don't find it easy to understand. (See what we did there?) The term often crops up after buyers have made an offer on a home that's been accepted, at which point a title search dredges up the easement -- which is essentially the legal right for someone else to use the property for a specific purpose.
Say what? You bend over backward to buy a home and now you have to share? Don't worry, it's not as bad as it sounds; we'll unpack what it means below.
Types of easements
Easements come in many forms; here are some of the most common you might encounter:
How is an easement created and dissolved?
Easements are created when property owners are approached for permission to use their land. If an agreement is reached, it will be set in stone with a legal document such as a deed. While the homeowner who originally grants the easement may be compensated, subsequent homeowners typically are not, although the length of an easement may vary. Here are the two main types:
An easement can be terminated if the court finds it's being accessed beyond reasonable use, as in when it substantially interferes with the landowner. For example, if an easement has been granted for beach access, but a new highway and parking lot bring in more crowds than were intended, it can be contested in court.
Since the property is owned by one person, this person typically assumes all costs for maintenance, insurance, property taxes, and the like, Nelson says. However, neighbors may decide to share costs or duties. Although there may be an implied arrangement, it's always wise to get the particulars down in a written document, which can help prevent sticky situations when the property is sold.
As always, consult a real estate agent or real estate attorney if you have any questions about easements attached to a property you are considering and how they will affect you.
-- -- -- -- --
Watch: What Your Mortgage Broker Wishes You Knew
https://www.foxnews.com/real-estate/what-is-an-easement-and-why-you-might-have-to-share-your-property