What is an "easement" in real estate?

An easement in real estate refers to a legal right that allows an individual or entity to use someone else's land for a specific purpose. This use is typically defined in the easement agreement and may involve access for utilities, pathways, or other necessary functions that require crossing over or using another's property.

Easements are significant because they ensure that certain activities can occur without needing ownership of the land on which those activities take place. For instance, a public utility might need to run power lines or water pipes across private property, and an easement would provide them the legal right to do so without having to purchase the land.

Understanding the nature of easements is crucial for both property owners and those looking to use easements, as they have specific legal implications and can affect the use and value of the land involved. The concept does not relate to property value, insurance, or ownership transfer, which are distinct components of real estate.