Real estate vocabulary you might need to know when buying or selling your Kitchener Waterloo home or condo: Easement
An easement is an interest that runs with the land. It is defined as a right enjoyed by one tenement over another tenement, usually granted for a special purpose rather than for the general use and occupation of the land.
Once granted, an easement attaches to the land and bind subsequent owners. The easement must have both a dominant tenement and is servient tenement. Typical easements include: a party wall agreement such as in a duplex, an encroachment agreement, like when one owner has inadvertently built the fence over the adjoining owners land, a right-of-way for pedestrians or vehicles, or utility agreement granting a utility company the right to place and maintain utility lines, pipes or equipment.
Easements can be created by express grant (where an owner decides to grant a privilege to another owner), prescription ( also known as squatters rights), implication (if a parcel of land is landlocked), or statute ( usually for public utilities or telephone companies). They may be terminated through merger, release, or disappearance of purpose.
- Real Estate Encyclopedia (Canadian Edition)
Keith Marshall is a realtor with Prudential Grand Valley Realty, serving Kitchener, Waterloo and Cambridge. If you’re thinking of buying or selling your home, please give me a call. I aim to take the stress and mystery out of the home buying and selling process.
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