Princeton Town Topics – Let’s Talk Real Estate – February 20, 2012
UNDERSTANDING EASEMENTS
When you buy a home or a piece of land, make sure you know about any easements attached to the property.
Easements are created for a variety of reasons: to connect county roads with neighboring properties, to share a well by two or more properties, for utility company’s present or future use, or to allow public access to National parks and beaches. Sometimes a neighbor has been using a portion of the land for several years without the owner’s consent and claims easement by prescription.
Easements usually transfer with the sale of the property, (called “running with the land”). Easements can determine how you can use the property, which could also affect its resale value. Sometimes the seller won’t know about every easement. The title insurance policy should list any easements on the land and who benefits from them.
It is important to know where any easements are, because even if the easement owners aren’t using them now, they could exercise their rights in the future.
