Easements are nonpossessory rights to use someone else’s property. They can be conveyed by deed or contract, and may have a major impact on the underlying property. When valid and enforceable, easements may have a major impact on the use of property, its development and, ultimately, the value of the underlying property. Timely identifying easements in diligence, valuing them, and perhaps obtaining their termination or release are essential to securing value in any property transaction. If your client depends on an easement, ensuring that they are properly drafted and filed for enforcement over a long period of time can be difficult. This program will provide you with a real world guide to easements in real estate transactions, including their types, how they’re created and released, or enforced in transactions.
· Types of easements – prescriptive, appurtenant, in gross, mortgage-related, estoppel, necessity and quasi-easements
· How they are used in real estate transactions – which are best for your client?
· Due diligence in transactions – identifying and valuing easements
· Creation of easements – drafting essential terms and filing for maximum enforcement
· Enforcement – methods and measure of damages
· Termination and release – effective drafting to eliminate easements
John S. Hollyfield, Norton Rose Fulbright, LLP – Houston