Realtor Insight
Feeling Uneasy About an Easement?
What property owners should know: Easements, special rights of use or restrictive covenants may exist on your property.
On a recent trip from Framingham to Times Square, NY on the LIMOLINER, the film Burlesque was shown. While I enjoyed the music and choreography throughout the film, the Realtor side of me saw the film from another perspective. More memorable to me was the storyline which involved the owner of the burlesque club saving her business and paying off her mortgage by selling the air rights above her building for a hefty sum to a property owner who was in jeopardy of losing his water views due to the potential development of another commercial property. This was my first encounter with the topic of Air Rights. Did you know that the rights to use the air can be bought, sold or leased? You may know people who don’t own waterfront property, but are …
Donna Moy-Bruno, Metrowest Realtor/Marketing
5:48 pm on Tuesday, August 2, 2011
Tamara - this is difficult to say without having more details but I think you would be wise to consult an attorney who can interpret the easement you currently have in place. I believe you would probably have had to have included a termination clause - one that says the easement could or would be terminated upon the sale of one property or the other, or with consent from various parties, but … more ›