Egress Agreement Meaning: Understanding the Basics
An egress agreement refers to a real estate agreement that outlines the terms and conditions for a property owner to access or use a neighboring property, in order to reach a main road, street, or other public property. It`s also known as an access agreement or easement agreement.
This type of agreement is typically used when a property is landlocked, meaning it has no direct access to public roads or streets. In such cases, the property owner may need to cross a neighboring property to reach the public road. An egress agreement establishes the rights and responsibilities of both parties involved in the process.
Key Terms in an Egress Agreement
Here are some of the key terms you will encounter in an egress agreement:
1. Dominant Estate – This refers to the property that benefits from the easement. In other words, it`s the landlocked property that needs access to the public road.
2. Servient Estate – This is the neighboring property that allows access to the dominant estate.
3. Scope of Easement – This refers to the specific rights and limitations of the easement, such as the right to use a driveway, path, or road.
4. Duration of Easement – This refers to how long the easement will remain in effect, such as for a certain number of years or perpetually.
5. Maintenance and Repair – This outlines who is responsible for maintaining and repairing the easement area, such as the driveway or road.
6. Compensation – This refers to any compensation that may be paid to the owner of the servient estate for granting the easement.
Why is an Egress Agreement Important?
An egress agreement is important for several reasons:
1. Legal Protection – An egress agreement provides legal protection for both parties involved in the agreement, by clearly outlining the rights and responsibilities of each party. It can help avoid potential legal disputes, ensuring that both parties understand their obligations and limitations.
2. Property Value – An egress agreement can increase the value of a landlocked property since it provides a legal access route to the public road.
3. Resale Value – If you plan to sell your landlocked property in the future, the presence of an egress agreement can make it more attractive to potential buyers.
In summary, an egress agreement is a legal agreement between two property owners, outlining the terms and conditions for accessing a neighboring property. It`s an important document that provides legal protection for both parties and can increase the value and resale potential of a landlocked property.
