Real estate has some of the most
confusing terms in business. Since it is a house that we’re talking about,
every single detail should be polished and heard of. Besides, you may not want
to move in a property where complications may arise the moment you stepped on it.
When
you’re searching for a new house, you may come across the word “easement” along
the journey. And if you don’t what it means, there is no reason to be ashamed. Out
of ten people who were asked what easement means, four responded an I-don’t-know.
Easement
is actually a legal term widely used in real estate. It is a legal arrangement between
the owner of the property (which could be you
when you purchase the house) and a non-owner (which could be literally anyone) to
use or utilize the property in some fashion they wish.
Literally
speaking, an easement entitles the holder of the agreement to use a specific
portion of the property of the owner for any specific and limited reasons that
are agreed upon. Easement is a non-possessory agreement. It simply allows the
holder to use a portion of the property that does not belong to them but does
not, in any other means, control it. Easement is best suitable to provide
pathways to other neighbors or to allow certain people to fish in a private
lake.
This
legal arrangement is very important especially when you’re planning to purchase
a house with an existing easement. Is it ok for you when a cable company installs
concrete posts on your property? Is it okay for you when a family of ten swims
in your private lake? These almost trivial issues are necessary when viewed on
the perspective of a prospect buyer and can cause a legal turmoil. Luckily, the
law requires the seller’s attorney or agent to disclose any legal agreement
related to the house, especially the ones pertaining to easement
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