Purchasing a home is a major investment and often the biggest purchase a person makes. Part of the process (an important one) is that the individual purchasing the property should do their due diligence regarding everything about the property.
One thing they may come across while they’re checking out the property is an easement. This is often a misunderstood point that comes with property ownership.
What is an easement?
An easement is a legal right from someone else to use a portion of the property for a specific purpose. This can be the right of a utility company to have a part of the property for lines or piping. In some cases, it allows a neighbor to use a shared driveway that’s on one property.
The property still belongs to the rightful owner. The other party simply has use for it and it can only be used in the manner indicated by the easement.
The impact of easements on property ownership
Easements can impact the value of the property. This is especially true if it restricts the way the land can be developed or used. It’s critical to consider this if there’s an existing easement on the property.
One thing that people don’t understand about easements is that they’re attached to the property. They don’t dissolve simply because the property is sold.
There are various pros to a property easement:
- Access and Utility: Easements can provide necessary access to landlocked properties, ensuring that owners can reach their property or utilities like water, electricity, or sewage systems.
- Increased Property Value: For some properties, having an easement can increase value by improving access or by securing rights that enhance the property’s usability.
- Convenience: Easements can allow for the construction and maintenance of infrastructure like driveways, pipelines, or power lines, making daily life more convenient.
- Property Development: They can facilitate development and expansion by allowing necessary changes or improvements that would otherwise be blocked.
There are also some drawbacks to a property easement:
- Reduced privacy: If an easement allows access across your land, it can affect your privacy and enjoyment of the property.
- Restricted use: The easement holder has specific rights, which can limit your ability to use or alter the land in the area of the easement.
- Maintenance responsibilities: Sometimes, the property owner is responsible for maintaining the easement area, which can incur additional costs.
Whether someone is dealing with an existing easement or considering granting one, knowing how it impacts their rights and responsibilities can help them make informed decisions. Properly managing easements ensures that all parties involved can coexist peacefully to minimize conflicts and maintain the property’s value. Contact Corey Szalai Law, PLLC to set up a consultation to discuss dealing with an easement on your property or to talk about that ramifications of granting one and if this is in your best interest.