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Loan and Mortgage Terms Glossary

Easement:

A right held by one person to make specific, limited use of land owned by another person. An easement is granted by the owner of the property for the convenience, or ease, of the person using the property. Common easements include the right to pass across the property, the right to construct and maintain a roadway across the property, the right to construct a pipeline under the land, or a power line over the land. Easements for party walls that share a common foundation, are common in town house and condominium developments.


 
     
 
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