It may seem ridiculous to say that, when you purchase a property, not all the property may belong to you, even if you pay for it all upfront with no mortgage. However, that may be exactly the case, if there are any easements or covenants attached to the property. But what is an easement or a covenant, and how could it impact your property rights?
An easement refers to a right that another person has over your property. For example, a neighbor on an adjacent property might have an easement to drive across your property, if that’s the only way to access a main road. They might also get an easement to have access to a waterway for gardening or recreation, if your property is up against a body of water. The government may have an easement to lay electric cables or pipes across your property, as well.
A covenant, by contrast, is a restriction on your property rights that you agree to with another person. For example, people who belong to a Homeowners’ Association may have a covenant defining how their house can look, or what additions (if any) can be added to the property. It’s also not uncommon for some properties to a covenant restricting the height or width of a building, to allow surrounding buildings to have adequate sunlight and air flow.
It’s important to know, before you purchase a property, if you will need to deal with any easements or covenants. Not only can it potentially impact the value of a property and interfere with your ability to develop the property (if you choose to do so), but you can get find yourself with legal liabilities for violating an easement or covenant. Easements and covenants provide property/contractual rights to others over your property, after all, and they can sue to enforce those rights if they so choose. That’s why you need to make sure you have everything accounted for before you agree to buy a property.
Charles Rutenberg Realty is one of New York's largest Real Estate companies with multiple offices providing a full suite of real estate services, including residential and commercial sales or leasing. We serve clients in Nassau, Suffolk, Queens, Kings, Bronx, Westchester, Putnam, and Orange Counties, and bring our knowledge and experience to bear in every transaction. If you are interested in buying, selling, or leasing real estate, give us a call at 516-575-7500 or visit our contact page.
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