Understanding the intricacies associated with a real estate transaction can be cumbersome and overwhelming for someone not fully immersed within the industry themselves. Therefore, we’ve decided to make it easier for those outside the real estate bubble to understand the various parts of a real estate transaction. One thing that is often overlooked by home buyers is easements. An easement is traditionally defined as a nonpossessory interest in another person’s land. Here, we break all that down into easily digestible language, so you know what to look out for during your house hunting process!
How Are Easements Created?
Before we can get into the nitty-gritty of an easement, we need to understand how an easement comes to form. There are quite some ways easements can be created. In fact, they are categorized by being one of the following: grant, express, implied, necessity, and prescription. Typically, easements are expressly granted with the permission of a property owner. However, intricacies arise when it comes to instances that result in an implied easement. Based on circumstances, an implied easement can be created when there is a type of implied intent by all parties involved. However, an easement by necessity is created by law for the full enjoyment of the property itself. For instance, an easement by necessity would be set up to provide access to an adjacent property if crossing that particular property is absolutely necessary to ultimately reach a landlocked parcel. An easement by prescription can be created solely by continued use as required by law within the state. An example would be an instance where someone uses your property, like a private road for some years (as needed within your state), although you may object verbally if there are no physical actions steps taken, the state will have to grant an easement by prescription for that use.
Effects Of Easements
It’s clear to see the general effects associated with the various easements described. Depending on the perspective, an easement can be regarded as a benefit or burden. As a result, understanding easements is a critical component of real estate that everyone should know!
A Title Company You Can Trust: Colony Title
At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, LinkedIn, and Google+.