Real Estate Terms Dictionary
Easement
Definition of 'Easement'
An easement is a right that a property owner has over a part of the property of another owner (usually the neighbor) for a certain purpose.
What does Easement mean:
Easements can be either positive or negative. Positive easements allow a property owner certain use of another owner's property; examples of this might be using part of it via "right-of-way",
having access to water on it, and constructing pipelines under it or power lines over it.
Negative easements prevent a property owner from doing certain things that are normally allowable; planting a line of trees that block a neighbor's view might be an example of this. The period for which easements are granted are dependent upon local laws.
An easement is usually attached to the property itself, but sometimes it can be attached to the individual (See Easement in Gross).
As certain types of easements - and especially those involving utility companies - can affect significantly the value of a property, property buyers are advised to be aware of their existence and nature.
Example:
Here's a real-life example from one of the properties researched on PropertyShark:
By signing the Easement, the property owner 2 Gold L.L.C. conveys the second party, 201 Pearl L.L.C, the right to use a part of the property, the foundation and the exterior wall, as stated in Acris.
References:
http://www.businessdictionary.com/definition/easement.html
http://www.investopedia.com/terms/e/easement-in-gross.asp
Start researching a property!
Disclaimer:
The glossary is intended to provide real estate professionals and home buyers with a basic understanding of various specialized terms related to legal rights over a property. All terms appear in public records such as ACRIS.
We do not take responsibility for the legal accuracy of the definitions provided and ask that use of these explanations in a legal setting be made only after checking with a lawyer or another specialist in the field.