What Is an Easement?

 A real estate term known as an easement, or an easement agreement, describes a situation in which one party uses the property of another party, wherein a fee is paid to the owner of the property in exchange for the right to use the easement, and the easement is granted in exchange for the payment of that fee. Easements are frequently acquired by public utility companies in order to secure the right to establish telephone poles or run pipes both above and beneath private property. These rights are typically granted in exchange for payment in the form of an easement. Easements can have a negative impact on property values, despite the fact that fees are paid to the landowner. For instance, unsightly power lines can reduce the visual appeal of a piece of land, which can result in a lower property value.

An agreement between two parties that grants one party access to another party's land in exchange for a fee is known as an easement.

Easements for utilities are the most typical, and an example of this would be when a telephone or power company runs lines through a property on which they have been granted permission to install an easement.

A private easement agreement is a deal made between two parties that grants one party the right to use a portion of the property of the other party for their own individual purposes.

An easement of necessity is created when a person has no choice but to cross the property of another person in order to access the land on which they own their home.

How an Easement Works

A standard easement agreement, which is the term that is used to describe a high-level agreement between the owner of a property and another party (which can be either a person or an organization), outlines a form of payment that the petitioner will make to the owner in exchange for the right to use the property that is the subject of the easement for a particular purpose.

The terms of an easement are specific to the agreement that was reached between the parties involved. As a consequence of this, easement agreements are structured in such a way that the particular use of the property is spelled out in detail, and the property owner is given the option to terminate the easement at any time. Because these kinds of contracts are sometimes transferred along with the sale of a piece of property, it is essential for prospective buyers to determine whether or not the piece of real estate in question is subject to any easements.

Examples of an Easement

Easement agreements typically fall into one of these three categories. The purposes of each of the parties involved will determine the kind of easement that is authorized to be granted.

The first type is an easement for utility purposes. The agreement between a property owner and a utility company that grants the utility company the right to run power lines, water piping, or other types of utilities through a property is an example of the easement known as a utility corridor easement. Utility easement agreements are frequently a part of the deed to a property and may also be held by a city or other local government.

A private easement agreement is the second type of common easement that can be established between two private parties. This easement is fairly typical in that it grants one party the right to use a portion of another party's property for that party's own personal purposes. A farmer might, for instance, require access to a pond or additional agricultural land; a private easement agreement between the farmer and his neighbour grants the farmer access to the resources necessary to fulfil these needs. In addition, if a person's well system requires piping or another type of utility to be run through the property of a neighbour in order to function properly, the agreement between the parties is handled through the creation of a private easement.

The last kind of common easement agreement is called an easement by necessity, and it's the one we'll talk about now. This type of easement is more permissive than others because it does not require the parties to enter into a written agreement and it is enforceable by the laws of the community. When one party is compelled to use the property of another individual, the situation gives rise to the creation of a necessity easement. An example of a necessity-based easement is when a person needs to use the driveway of a neighbour in order to access his own home.