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 has real legal implications for your rights and obligations as a homeowner or borrower. Overlooking the legal details of a real estate transaction can lead to costly problems down the road.
If you have questions about easement, consider consulting a real estate attorney, especially if you are in a state that requires attorney involvement in real estate closings. A small investment in legal advice can prevent major headaches later.