Instead of renting or leasing, owning real estate dramatically expands your property rights. However, owners can not do what they want with their assets, and one reason is to make it easier. Easements are a type of legal agreement in which one party gains access to another’s the property for certain purposes, but must pay an easement fee.
How does Easement work?
Easements are a way for one party to give up their rights in exchange for another.
Easements are a very interesting thing because it can be exclusive to one party or both. The way that they’re worded will determine what use of your land it protects, so you need some clarification on this before moving forward with an agreement.
These arrangements are converted into a land sale, so potential buyers require to know if any easements are being processed on the house.
Types Of Easements:
Appurtenance easements are a type of limited right-of-way that can be perpetual and surviving owners.
An appurtenance easement is an arrangement between two properties where one property gets access to another. For this type of agreement work, both deeds should be recorded with the appropriate recording authority and it will appear as if there were no interruption or change in ownership on either side when only half was transferred from dominant estate/tenement into servant status while maintaining its original deed functionality.
Easement In Gross
Easements in gross are tied to a specific person or entity, not the property itself. They provide benefit for whoever holds them and utility companies often hold these easements because it allows them access to your land with power lines that must be maintained on or near our properties but never enter onto public highways which would make this type of construction impossible without permission from all concerned parties. This means that a company will have an easement in gross to use the property for access.
In Prescriptive easement, an entity openly and continuously uses another’s real property for several years without the owner’s permission. In this case, the number of years varies by state. Because it’s important not to allow a neighbor or the public to use a portion of your property indefinitely without a formal written agreement until you’ve ended up with permanent rights that could affect the future owners of your property.