As you look to invest in commercial property for your business, you may see something called an easement in potential agreements. Or, maybe your business is near others and you’re looking for ways to share pieces of your property with one another. Now is a great time to begin learning more about easements.
An easement is an agreement between two parties that considers use of land. Here are the different types of easements that may apply to your commercial property:
- Utility – A utility easement is one of the most common types. It allows a government or utility company access to a certain utility on the property, like a well or fuel tank.
- Private – Private easements are between the property owner and an individual or business. These could be sharing use of a well or parking lot.
- Necessity – Created by a court order, an easement by necessity is made because someone who is not the owner must use the land. For example, if a someone must drive through a parking lot that your business owns to get to their property, you may use an easement by necessity.
- Prescriptive – Prescriptive easements are created through years of use. Typically, they are use of property by someone who is not the owner, but with the owner’s knowledge over a long period of time.
- Public – A public easement allows access to a piece of property to the public, like for use as a park. For example, if your company owns a significant amount of land, you may want to allow a public easement to let people use it for walking or biking.
You should always be aware of any easements that are already in place on commercial property that you are considering. The previous owner may have already made an agreement with those who want to access the property, so you will need to consider if they will transfer and continue when you make the purchase.
If you are dealing with an easement, or anytime you are dealing with commercial property, you should talk with an experienced attorney to make sure that you are doing what is best for your business.
