You’re interested in buying a new property as your business expands. You’ve identified a building that would be perfect, and the location looks very good. You want to move forward with the purchase.
However, there is an easement on the land. This means that someone else has the ability to use that property in a certain way. Maybe they’re just allowed to drive across it, or maybe they have rights to use it in other ways. Easements can be unique, so you need to know the specifics.
That said, you may also be wondering if you even have to honor the easement. You’re buying this new commercial property for your own purposes, and you didn’t own it when the easement was agreed to in the first place. Do you still have to uphold that, or does it end when the property changes hands?
Many easements stay with the land
While there are always exceptions, the general rule is that an easement is going to stay with the land. It is not something owned by the previous property owner. It is an inherent part of that property.
This means that a change of ownership does not eliminate the easement. You do have a right to know about the easement before you buy, but, if you still decide to go ahead with the purchase, you likely have no choice but to honor that easement. There may be ways for you to renegotiate it or alter it if you talk to the other property owner, but you cannot just declare that it is over since you now own the property.
Purchasing commercial property can become very complicated. It’s crucial for the success of your business that you know what legal options you have.