What are easements and how can having one affect my property purchase?
Knowing if there are any easements on a property as well as understanding what it might mean for you as the owner of a property with an easement is a crucial part of a real estate transaction. Property vendors are required by law to disclose any easements on a property to ensure that a vendor has been properly informed prior to committing to the sale. So, do you know what an easement is and how it might affect a property transaction or the use of a property after purchase?
When you’re in the process of buying a new home, the vendor is required by law to release certain information to you. This includes things like whether the council has granted or denied planning approval as well as any dispute, such as those relating to boundaries or trees on the property, or any relevant body corporate matters. The vendor will also be required to disclose any easements on the property. This might not be a word that you are familiar with, but if you’re seriously considering buying the property you will need to understand what it means and how to affects your case.
So, if you discover that your dream home has an easement, don’t panic. While it could be an inconvenience to you as the owner of the land, chances are that it might not be an issue at all. Speak with your lawyer or property conveyancer to ensure that you understand what the purpose of the easement is and how it might restrict your ability to use your land.
If you haven’t already hired a property conveyancer, definitely do so before you commit to buying a property and potentially find yourself in a legal quagmire. Your conveyancer will be able to guide you through the complicated legal side of buying a home and will be able to ensure that you understand how any disclosures, such as easements, might affect your purchase of the property. Looking for an expert property conveyancer? Get in touch with Property Conveyancing Melbourne or Jim’s Property Conveyancing in Brisbane or call 13 15 46 for more information. But, before you embark on your journey to buying a home, what is an easement, and how might it affect your ownership of a property?
What is an easement?
Easements are actually far more common than you might realize. An easement legally allows an individual or a company, the right to use a section of land for a specific purpose. An easement can restrict how the owner of the land can use that sections of their land because any development that they make on their property must comply with the easement requirements.
What kind of easements are common in Australia?
It’s important to note that in most cases easements exist to benefit the community in some way. Easements often relate to essential services and have been put in place to allow access. In Australia, common easements include the following:
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* An easement to allow neighbours road access to their property via a shared driveway.
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* A cross-easement which can allow neighbouring properties reciprocal access to part of each other’s property, this might be in the case of a shared wall or similar;
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* Easements also commonly exist to allow access to land for services such as electricity, water or sewerage. This might allow service people to be able to access things like sewage pipes laid underneath your land or overhead electricity transmission lines.
How do I know if I have an easement on my property?
The vendor or real estate agent selling the property should be able to let you know if there are any easements on the land that you are considering buying. Easements are also recorded on the title deed to a property. Your property conveyancer will be able to assist you to identify any easements and to understand how they might apply to your ownership of the land.
Is it possible to remove an easement?
It is possible for an easement to be challenged, but it can be a difficult process that may involve legal proceedings, unless the easement holder agrees to terminate the easement. Always consult with your lawyer or property conveyancer to understand whether it’s worth pursuing the termination of an easement.
Get in touch with Property Conveyancing Melbourne or Property Conveyancing Brisbane or call 13 15 46 for more information. But, before you embark on your journey to buying a home, what is an easement, and how might it affect your ownership of a property?
