Selling Landlocked Property: A Simple Guide
A property that is surrounded by other properties and does not have direct access to a road or other legal acess is referred to as being landlocked. Such a property can only be reached by way of the adjacent land. Since these landlocked parcels result from the partition or subdivision of a larger property area into separate lots, they present unique opportunities and challenges for owners.
In this guide, we’ll uncover some interesting facts associated with selling landlocked parcels.
Access Rights and Easements
This is something imperative that you as a landlocked property owner must sincerely take into consideration.
1. Get Clarification Over Easements:
Make sure to secure an easement to maintain continuous access to your landlocked property. The easement grants you a right to use someone else’s land under within limitations. However, this could mean striking agreements with your neighbours. Ask them if they can allow you to make use of their driveway, or consider building a separate driveway or access road on their property. Formalizing this agreement paves the way for trouble-free lawful access to your property, eliminating inconveniences that might develop in future.
2. Opt for the Right Type of Easement:
How you use someone else’s land depends largely on the type of easement you have over it. To be more precise, a right-of-way easement ought to be considered to gain access to a landlocked property.
You should acquire this easement if accessing your property requires crossing adjoining property. This kind of easement allows you to cross someone else’s property, but it does not allow you to utilize the land to build a road over it. This is an important distinction to keep in mind.
3. Creating an Easement:
Lastly, you need to sign a legal agreement and provide potential compensation to your neighboring landowner. For this, you may seek the assistance of a real estate attorney. Furthermore, if negotiationsfor an easement with a neighboring property owner fail, even with a financial offer, you could have to resort to getting an easement by necessity. This is a legal remedy that entails securing a court order granting access rights over another’s land, thereby offering a systematic and legal means to cater to property access problems.
Legal Considerations
1. Research Local Laws
Invest time learning about the legal considerations surrounding your landlocked property. The local laws subjected to your landlocked property tend to vary as per the laws of your specific region. Thus, it is crucial to comprehend the distinct regulations that apply to your property. It will inform you of what is prohibited, to what degree, and what financial obligations you will have going forward.
2. Seek Legal Advice
Seek advice from a real estate lawyer. They are able to guide you better regarding your rights and the available options you can choose from. Additionally, they ensure that you are operating legally. This is especially important concerning any legal questions on right-of-way provision. Also, make sure that you check on the area’s development projects, available transport facilities and legislation regarding property ownership in that place.
Property Value and Development
1. Impact on Property Value
The possible difficulties in gaining access to the property result in a reduced valuation for your landlocked property as compared to the ones with road access.
2. Development Challenges
Landlocked properties are more difficult and expensive to develop as they require building a road or securing easements for access. As a solution, you should sell the property together with an adjacent parcel of land with direct access to a public road. Since the buyer would own both parcels he would enjoy convenient access along with smooth and seamless development of the property.
Negotiating with Neighbors
1. Building Relationships:
Fostering positive bonds with your neighbours is one of the best ways to obtain access rights or easements through cordial interactions. While a verbal commitment may appear alluring, it is strongly encouraged that you have an agreement in writing. This will offer rightful access to your neighbour’s property for commute purposes. Additionally, it will draw in potential purchasers who will make better offers for your property.
2. Negotiation and Compromise:
In case things go contrary to what you had hoped, be ready to negotiate. Pay back your neighbors and make them allow you to utilize their space. While some neighbors may be friendly enough to let you cross without any compensation, some may insist on having you pay. Thus, make sure you find out fair cash value to be paid when dealing with such neighbours, Also Inform them that offering access could also be an avenue for them to earn tax benefits.
Alternative Uses
1. Agriculture or Conservation
Landlocked sites are not appropriate for commercial or residential purposes due to limited access. Nevertheless, they are suitable for conservation and agricultural uses. Their minimal daily access requirements may work for farming, gardening, and conservation. Furthermore, owing to their isolation you can use these parcels as conservancies for local flora and fauna against other developments to reap valuable long-term outcomes.
2. Recreational Use
Recreation opportunities on landlocked properties may be possible. These might be able to be utilized in several ways such as transforming them into a camping site, a hiking trail, or a bird-watching area. The detached location of the property coupled with restricted accessibility makes it ideal for such purposes that demand tranquility and peacefulness.
Conclusion
Owning a landlocked property requires a careful consideration of its location, potential for easement and pertaining local legal rights. In light of that, you must opt for professional guidance from real estate agents who are acquainted with local market conditions. They will keep you guided on the implications and opportunities that come with your ownership.
Hence, to ensure that your landlocked property investment aligns with your goals and proves to be
profitable, get in contact with real estate professionals.