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Party Wall Easement:
A party wall easement is an agreement between the owners of two adjacent properties to share an improvement, such as a wall or fence, that is built along the boundary line between their properties. They agree not to do anything that would harm the other party's interest in the shared improvement.
Imagine that two neighbors live next to each other and they decide to build a fence along their property line. Since the fence is being built on the boundary line, they will need to enter into a party wall easement agreement, which allows them to share the fence and prevents them from damaging or interfering with each other's use of the fence.
"A Deep Dive for Real Estate Agents and Appraisers"
Here are a few additional things to keep in mind about party wall easements:
Party wall easements can apply to different types of improvements.
While our previous example focused on a fence, party wall easements can also apply to other shared improvements such as walls, driveways, or retaining walls.
The party wall easement agreement should be in writing.
To avoid any misunderstandings or disputes, it's important to have a written agreement that clearly spells out the terms of the easement, such as how the cost of maintenance will be split between the owners and what each owner's responsibilities are.
A party wall easement can affect the value of the properties involved.
The existence of a party wall easement may affect the value of both properties involved in the agreement, since potential buyers may be concerned about the restrictions and responsibilities that come with the shared improvement.
Laws regarding party wall easements can vary by state.
Be sure to check with a licensed attorney in your state if you have any questions about party wall easements, as the laws and procedures may differ depending on where you live.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
A party wall easement, oh what a thing!
It's when two neighbors, who want to build a fence or wall,
Decide to share, and not harm each other at all.
The fence is built right on the line,
And the neighbors agree, "it's just fine!"
They won't do anything to harm the fence,
And they'll share it nicely, with common sense.
They can each use it, and call it their own,
But they won't interfere, and they won't groan.
They'll be good neighbors, and get along,
And enjoy their shared improvement, all day long.
So remember, when building a wall or a fence,
To be good to your neighbors, and make sense.
Enter into a party wall easement, and you'll see,
That sharing can be fun and easy, just like me!