When a title is pulled for your property, you may notice items that you never even realized were there. For example, easements and covenants may be listed on your title or on the title of the home you are considering purchasing. It is important to understand each easement or covenant on the title of your home, as it will affect the use of your property.
An easement in layman’s terms is basically a right of way over your property. It is a privilege acquired by a landowner for the benefit of his or her land over the land of another. For example, if there is access to a lake, Lot 1 may have a right of way to access the lake through Lot 2. Any formal easement should be registered on the title of your home, and should show in a land survey of the property.
A restrictive covenant imposes a restriction on the use of one person’s land for the benefit of another person’s piece of land. In order to qualify as a restrictive covenant, it must be a negative obligation. For example, Lot 1 may have a restrictive covenant imposed on it that does not allow a structure of a certain height to be built, as it would block the view from Lot 2.
Sometimes easements are registered by utility companies on your title for them to access gas lines, water lines etc… Be sure that you are aware of each item that is registered on title and how it affects the use of your property.
For any real estate assistance in the Oakville, Burlington, Milton area contact Mary at email@example.com