Once you find the perfect property that checks all the boxes on your list, you may be ready to move forward full speed with making the offer and hopefully closing on the property. Before you get to closing day, you must do due diligence on the property.
As you’re looking into everything about the property, one thing you should check for is easements. An easement is a requirement that the property owner allows another party specific use of specific parts of the property.
Types of easements
There are several types of easements that you may find. Each of these differs, so it’s critical that you understand them. This may make it easier to understand the exact terms of the easement and how it might impact you.
An easement appurtenant is one that’s tied to the property and will transfer to the new owner. This can be something like one owner being able to use another person’s driveway to access their own property.
A utility easement is another common type of easement. It enables a utility company to run lines or pipes through a property. The easement will also allow the utility company to access the lines or pipes.
An easement by necessity occurs when there’s no other option for access to a public space. The easement grants that access based on specific guidelines.
In some cases, easements aren’t recorded with the deed to the property. Instead, they’re established when a person is allowed to access another person’s land without permission for so long that they earn the legal right to do so.
The presence of easements is only one thing to consider when you purchase a property. Having someone review the documents may be beneficial.