Easements play a significant role in Residential Real Estate, granting someone other than the property owner the legal right to use part of the property for a specific purpose. Understanding how easements work is essential for buyers and sellers to avoid surprises during a real estate transaction.
Common Types of Easements:
● Utility Easements
Utility companies often hold rights to access and maintain infrastructure like power lines, water pipes, or gas lines that run through private property. You still own the land, but these companies have the legal right to access it.
● Access Easements
These allow access to one property through another. For example, a neighbor with landlocked property may need a driveway or pathway across your land to reach a public road.
● Prescriptive Easements
If someone uses part of your property continuously and openly without permission for a long time, they may gain a legal right to continue that use. For instance, a neighbor using a shortcut on your property over the years could establish a prescriptive easement.
● Conservation Easements
These are voluntary agreements to preserve the natural or historic features of land. Property owners who agree to conservation easements may receive tax benefits.
How Easements Affect Real Estate
Easements can influence property value, usage, and development potential. They may also require disclosure during the sale process, making it vital to understand their impact on a transaction.
Protecting Your Interests
Before buying or selling property, consult a knowledgeable Real Estate Attorney to review any existing easements. This ensures you’re fully informed and prepared for a smooth transaction.
Contact UBFK Law Today!
Have questions about easements or other real estate matters? Contact UBFK Law today. We are here to help you make informed decisions and protect your interests in all your real estate transactions.