When shopping for and preparing to purchase a first home, consumers must educate themselves about many new things that they had likely not had to address or think about as renters. Everything from the steps involved in making an offer to what rights they may or may not have with their new property can be complicated.
One area potential buyers should learn about before deciding on a property is whether or not any easements are tied to it. An easement directly impacts the use of their property by themselves or by someone else.
Multiple types of easements
In its most basic form, an easement grants the use of one party’s property or one portion of that property to other parties. As explained by Quicken Loans, multiple types of easements exist. One common easement allows a public utility company representative to access the property for utility service-related needs.
Other easements may allow neighbors or other members of the public to access a part of a property as a means to getting to another area. An example of this would be the ability to walk through someone’s property to get to a public lake or river.
According to MarketWatch, a home designated as historic may have a special easement called a historic preservation easement. Owners of these types of home may even request that an easement be created.
Some easements and the rights granted therein may transfer with the sale of a property. Other easements do not as they may be established for a certain period of time or tied to a particular owner.