What is an "easement"?

An easement is defined as a legal right that allows one party to use a portion of another party’s land for a specific purpose, such as access for utilities, pathways, or drainage. This right typically benefits a particular piece of land rather than an individual. Easements can be created for various reasons, such as allowing a utility company to maintain power lines or giving a neighbor access to their property through another’s land.

Understanding easements is crucial in real estate transactions because they can affect property rights, usage, and value. For instance, if a property owner grants an easement, they are allowing another party to utilize a part of their land, which can impact how the owner can use their own property.

The other options do not accurately represent the concept of an easement. For instance, the choice regarding property taxes pertains to financial obligations rather than land use rights. Similarly, a lease agreement specifically refers to the rental of property, which is distinct from the rights associated with an easement. Lastly, a restriction on property development relates to regulations or covenants that limit how a property can be modified or built upon, which differs from the intent and nature of an easement.