Explanation :Easements are common in the field of real estate. They are mostly employed by utility companies to occupy a portion of the property to widen the reach of their services by building infrastructure on the site. These easements must be accepted by the property owner for them to be legal and the easement will normally be attached to the land itself, not the owner. This means that the easement will be active even if the land is sold to someone else. Easements normally include a payment for the property owner, as a compensation for the land’s usage. In some cases, easements are enforced by federal or state laws, depending on the nature of the requirement. Either way, the purpose of these agreements is to allow a third party to use the property space for its own benefit.
In a nutshell :
- An easement is an agreement between two parties, where one is granted land access in exchange for a fee.
- Utility easements are the most common, such as when a telephone or power company runs lines through a property for which they've been granted an easement.
- A private easement agreement is a deal between two parties that gives one the right to use a piece of the other's property for their personal needs.
- An easement of necessity happens when an individual needs to use another individual's property so as to gain access to their own.