Closings glossary
Easement
A right to use part of another owner's property for a specific purpose. Easements appear as exceptions on a title report and generally survive a sale of the land.
What is an easement on a property?
Quick Answer
The full definition
A right to use part of another owner's property for a specific purpose. Easements appear as exceptions on a title report and generally survive a sale of the land.
Which related terms should you know?
These are the terms that come up alongside easement in the same file.
- Right of way
- An easement granting passage across land. Recorded rights of way run with the property and are listed among the exceptions on a title report.
- Covenant
- A recorded promise or restriction that runs with the land and binds future owners. Restrictive covenants limit what the property may be used for or how it may be built on.
- Appurtenance
- A right or improvement that passes with the property when title transfers, such as an easement benefiting the parcel, a parking right or a fixture attached to the building.
- Title exception
- A matter the title policy does not insure against, listed on Schedule B. Some exceptions are removed before closing and others are simply accepted by the buyer.
- Survey
- A surveyor's drawing of the parcel, its improvements and any encroachments. Lenders on houses and townhouses generally require a current one or a survey inspection.
- Survey reading
- Review of an existing survey to confirm it still matches the property and the record. It determines the wording of the survey exception on the policy.
Where does easement come up in a New York City closing?
A Queens driveway is shared under a 1961 recorded easement, so the buyer cannot fence it even though the paved strip sits entirely on the purchased lot.
What else should you read before closing?
Questions this raises
- What does title insurance cover?Old liens, recording errors, forged deeds, undisclosed heirs, easements: what a New York title policy covers, what Schedule B excludes, and how cla...
- Which ALTA endorsements are common in New York?ALTA 9, 8.1, 22, 17, plus condominium and survey endorsements: the TIRSA endorsement set that shows up on most New York residential and co-op closi...
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