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.
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?
In the glossary
- Right of wayAn easement granting passage across land. Recorded rights of way run with the property and are listed among the exceptions on a title report.
- CovenantA recorded promise or restriction that runs with the land and binds future owners. Restrictive covenants limit what the property may be used for or...
- AppurtenanceA right or improvement that passes with the property when title transfers, such as an easement benefiting the parcel, a parking right or a fixture ...
- Title exceptionA matter the title policy does not insure against, listed on Schedule B. Some exceptions are removed before closing and others are simply accepted ...
- SurveyA surveyor's drawing of the parcel, its improvements and any encroachments. Lenders on houses and townhouses generally require a current one or a s...
- Survey readingReview 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.
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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