When buying or selling a property, it always helps to have a basic understanding of real estate terms. In this on going series of articles, we take a look at definitions starting with easements.
1) Easement permission given to (or acquired by) someone who does not own a parcel of real property enabling that person (or entity) to use that parcel for a specific purpose. It may add or detract value. It may be neutral so far as the value of the property is concerned. Examples include easements to utility companies for the purpose of running power lines, easements to municipalities for running sewer lines, and an easement to a neighbor to use your driveway for ingress and egress to his property.
2) Encroachment a building, fence, wall, driveway, etc. which is intended to be part of one property and is found to be on, or partially on, another property.
3) Escrow money and other items of value held by a third party for the benefit of the buyer and seller of real property. In California, items are accumulated in escrow for a stated period of time until all items needed to finalize the sale are in the hands of the escrow agent and properly processed. In...
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