There are many things that you have to look into when you’re ready to purchase real estate. One of these is whether the property has an easement or not.
An easement is an agreement that enables a party other than the homeowner to have a specific use of a property. If there is an easement on the property, you’ll have to consider what type of easement exists and what rights are provided.
3 types of easements
Easements are typically defined by the purpose of the permission to use the property. There are three common types of easements that occur in real estate:
- Easement by necessity: This type of easement is used when there’s a valid need for one party to use another’s property. For example, a shared driveway that’s constructed only on one parcel but serves more than just that parcel would have an easement by necessity allowing the other parcels to use the driveway.
- Utility easement: Utility companies may need to run power lines or other service-related items through private property. These are usually covered on the deed of the property.
- Private easement: A private easement creates an agreement between two individuals to use a part of one property. For example, adding a service line through one person’s property to reach a drainage ditch can use a private easement.
Anyone who’s looking for property to purchase should find out if there’s an easement tied to the property. This might be a determining factor when you’re trying to decide if you’re going to place an offer on the property. It’s always a good idea to have someone familiar with real estate transactions to review the contracts and documents for you to ensure that everything is in proper order to protect your interests.