There are two main types of easements, the first of which is an easement appurtenant. The other is an easement in gross, which is not necessarily connected to the land but is more of an agreement between two individuals. An easement appurtenant, on the other hand, is tied to the land or, as is often said in real estate circles, it “runs with the land.”
This difference is very important because an easement that runs with the land is going to stay even if the property is sold to someone else. The easement is part of that property. The new owner still has to honor it. They cannot just decide that they are no longer going to abide by the easement because they didn’t own the property when it was created. By purchasing that property, they are taking on that obligation.
Can this affect the value of a property?
An easement certainly can affect the value of a property. Say that someone is selling a commercial location, but it has an easement so that a nearby business can also use the land. Someone may be interested in that commercial location, but they want to have full control with no compromises. They will either pay less than market value for the land, or they will continue to seek something else that better fits their wishes.
That being said, an easement will be very valuable to the other property owner who is allowed to use that land. Perhaps their property is cut off from a nearby road, for example, and they need a shortcut to get across it on a daily basis. Losing that easement would make their property unusable, which is why it still has to be honored once it has been established.
Issues with easements can have a major impact on a real estate transaction. Those involved need to know exactly what legal steps to take.