UNDERSTANDING EASEMENTS
December 23, 2009
When you buy a home or a piece of land, be sure to find out if there are any easements attached to the property.Easements are created for a variety of reasons: to connect county roads to neighboring properties, to share a well by two or more properties or to allow public access to National parks and beaches.
Easements usually transfer with the sale of the property, it’s called “running with the land”. Easements can determine how you can use the new 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. If the easement is adjacent to the property, check with the county recorder of deeds’ office for information.
It is important to know where utility easements are. An underground power box or water storage container could impinge on plans to build new structures on the property. The utility company might want to install power lines or water mains through their easement on your land at some point. Even though they aren’t using it now, the owner of the easement could exercise their rights in the future.
For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or 305-960-2575, or come by the office at 355 Alhambra Circle, 9th Floor, in Coral Gables.
