Legal
Easement
A legal right to use or access someone else's property for a specific purpose without owning it. Common examples include utility easements that allow power companies to access lines running through your yard, or shared driveway easements with neighbors. Easements are recorded with the property deed and transfer with ownership. Before buying, review any easements that may limit how you can use the property.
Why It Matters
Easement carries legal significance in real estate transactions. Property law, contract law, and lending regulations all intersect when buying a home, and terms like easement have specific legal definitions that affect your rights and obligations as a buyer or homeowner.
While real estate agents and lenders can explain general concepts, for questions about easement that could have significant financial or legal consequences, consulting a real estate attorney is worth the $200-$500 cost. In some states, attorney involvement in real estate closings is mandatory.
Real-World Example
Legal issues related to easement can surface during title searches, contract negotiations, or closing. Catching problems early is far less expensive than resolving them after you've closed on the property.
Pro Tip
If you're buying in a state that requires attorney closings (CT, DE, GA, MA, NY, SC, WV, and others), your attorney will handle easement-related legal matters. In other states, consider hiring one independently for a review of your purchase contract.