We’ve talked about easement agreements at great length on the blog in the past, but we’ll give a quick refresher before going into the nuts and bolts of this blog. An easement is an agreement between two parties that outlines how one party can legally access the other party’s land.
For example, you may have an easement in place that dictates how a neighbor can access your property for hunting purposes, or an easement may lay out how a business can legally use a shared driveway that resides on someone else’s property. This agreement ensures that both parties know exactly how, when, where and why access to the property will occur, and it can also spell out some other details like who is in charge of the costs to upkeep the shared property in the event that regular maintenance is required.
If you want to enter an easement agreement with another entity, is it as easy as drafting a simple outline and signing your names? We explain which parties have to sign an easement agreement in order for it to be considered a valid and legally enforceable agreement.
Who Needs To Sign An Easement?
Once an easement has been created, a few different signatures are required in order to ensure it is a valid agreement. Let’s explore some of the involved parties and explain whether or not their signature is required.
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The Property Owner - The person who is allowing another party to access their property needs to officially sign the easement agreement. They are the one who is becoming burdened by allowing someone to access their land, and without their consent, any easement agreement is invalid. You must ensure that the individual or individuals named on the property title sign the easement. If the title is in your father’s name or a spouse is also listed on the title that encompasses the burdened parcel, they are the ones who need to sign the agreement
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The Benefitted Owner - While it certainly doesn’t hurt to have the benefitted party sign an easement agreement, it’s not always legally required. You aren’t legally obligated to sign this agreement that you stand to benefit from and can partake in as you see fit, but the owner of the property needs to have their signature on the agreement.
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Mortgage Holder - Finally, if you are still paying off a mortgage associated with a property that you want to create an easement on, you’re likely going to have to get approval from the entity that holds your mortgage. Because an easement has the ability to negatively affect a property’s value (as a prospective owner may not want to pay as much for a property knowing someone else has legal access rights), your lender typically has the right to reject the creation of an easement. Whether or not a lender agrees to sign an easement depends on a few different factors, including how much is remaining on the loan and whether or not the loan is in good standing.
At Commercial Partners, we can ensure the appropriate parties consent and sign all pertinent documents related to a newly created easement agreement. We’ll ensure your rights are protected and the document can withstand any legal challenges from outside parties. For more information, or for help with a different aspect of the commercial purchasing process, reach out to the team at Commercial Partners today at (612) 337-2470.