In the world of commercial title insurance, easements can be created, amended, and terminated. There are several ways in which easements can be terminated. In this article, we talk about a few methods by which an easement can be terminated.
Agreement
An easement can be terminated via a termination agreement. This is the most common method by which easements are terminated. A termination agreement stipulates that the benefited property owner as well as any lenders with liens on the property all agree that the easement is terminated and no longer has any bearing on the properties in question.
Merger
Easements may also be terminated via merger. This occurs when the owner of the benefited property acquires the burdened property – thus “merging” the two properties and eliminating the need for the easement.
Time
An easement can also be terminated after a certain amount of time if the terms of the easement stipulate that it expires after a set date. In some cases, easements may also be terminated after a period of time if they are considered abandoned, but this only happens in rare instances.
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Commercial title transactions can get complicated quickly and it’s important to have a skilled title company to work with that can make sure you have every detail covered. Commercial Partners Title has over 200 years of combined experience in the commercial title insurance industry. We can guide you through the entire process all the way through the closing of your property. Contact Commercial Partners Title and get the personalized service you deserve on your next commercial transaction. Our offices are located in Minneapolis. Even if you’re not located near the Twin Cities – don’t worry! We work with clients throughout the country.