PITFALLS OF PURCHASING A PROPERTY BURDENED WITH AN EASEMENT

Buying a property with an easement can present several potential challenges and risks that buyers should be aware of. Here are some of the dangers associated with buying property with an easement in the Long Island – Nassau County, NY area:

Restrictions on Use

Easements grant someone else the right to use part of your property for a specific purpose, such as access or utilities. This can restrict how you can use or develop that portion of your land. For example, if there’s an easement for utilities, you may not be able to build structures or plant trees over those utility lines.

Maintenance Responsibilities

Depending on the type of easement, you may be responsible for maintaining the area covered by the easement. This could include upkeep of access roads, pathways, or utility infrastructure. Such responsibilities could involve ongoing costs and obligations.

Impact on Property Value

Easements can affect the market value of your property. Buyers may perceive the restrictions imposed by an easement as limiting the property’s potential uses or development options, which could potentially lower its value.

Potential Disputes

Easements sometimes lead to disputes between property owners and those benefiting from the easement rights. Issues may arise over maintenance responsibilities, usage rights, or changes to the easement terms. Resolving such disputes can be time-consuming and costly.

Future Development Limitations

If there’s an easement on your property, it could restrict your ability to make future changes or developments that would conflict with the easement’s purpose. This limitation might impact your long-term plans for the property.

Lack of Privacy

Easements that grant access rights across your property may compromise your privacy, as others may have a legal right to pass through or use a part of your land. This can be particularly concerning for residential properties.

Legal and Financial Obligations

Easements are legal agreements, and violating the terms of an easement could lead to legal consequences. You could be held liable for damages if you interfere with someone’s legal right to use the easement.

Contact Chiariello & Chiariello in Long Island, NY If You’re Buying Property with an Easement

To mitigate these risks, it’s essential for buyers to work with an attorney who can thoroughly research and explain any existing easements on a property before purchasing so that you understand the potential risks. This includes reviewing property records, surveys, and legal documents related to the easement. Consulting with a real estate attorney in Long Island, NY that is knowledgeable about easements can provide valuable insights and guidance regarding the implications of easements on a property purchase. Chiariello & Chiariello can help – give us a call at 516-801-8100 or contact us online here.

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