There are countless characteristics to consider when commercial real estate owners or investors search for a property that meets their needs. This can make analyzing the market and finding a property to purchase a lengthy process. One characteristic that could potentially be overlooked is whether the property has an easement placed on it. Before delving too deep into the process, potential buyers should make sure they understand the common types of easements in case a property they are interested in happens to have one.
Easement by necessity
An easement by necessity gives property owners the right to use another person’s land to access public utilities, like a road. This type of easement is usually handed down by a court when there is no other possible way to access the road.
A utility easement is used by city or county governments to install power lines or other utilities used by the public. Cities will have the right to access a property to perform maintenance on these utilities as well.
A private easement is used in specific circumstances where a private commercial property owner sells the right to an easement to another party. This type of easement could be sold to another private owner or a company performing construction. This easement differs from the others because it may only apply to an individual and won’t necessarily transfer with the sale of the property.
Each of these easements can limit what a commercial real estate owner or investor is able to do with their property, which makes it imperative to do sufficient research on a building before making an offer. For added reassurance when searching for a commercial building to invest in, consider contacting a local Texas commercial real estate attorney.