Buzzword of the Week: Easement in Gross

Easement in Gross. It sounds disgusting, but according to Investopedia it’s a legitimate financial concept. It’s n easement that attaches a particular right to an individual rather than to the property itself. The easement in gross is often considered irrevocable for the life of the individual, but can be easementrevoked if the individual sells the property that grants him or her that easement. For example, a homeowner may have an easement in gross with a neighbor allowing the homeowner to use a path through the neighbor’s woods to reach the property. If the homeowner then sells the property, he or she cannot pass the easement in gross to the next property owner.

Some types of easements, especially those given to utility companies, carry with them significant interest and can ultimately be assigned to other parties. If a piece of real estate is purchased without the seller disclosing the nature of any easement, the buyer can seek legal remedies if the easement reduces the value of the property.

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