Easement

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DEFINITION of 'Easement'

The right of one party to use the property of another party. A fee is paid to the owner of the property in return for the right of easement. Easements are often purchased by public utility companies for the right to erect telephone poles or run pipes either above or beneath private property.

BREAKING DOWN 'Easement'

An important factor to consider with easements is how they affect the value of the property. For example, an unsightly power line on your property can lower the visual appeal and, consequently, the money you receive if you sell. In many cases, a real estate lawyer should be consulted to determine the effects of the easement on your property.

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