In the term Landlocked that of property is a term used to describe a portion of property that is not accessible through public roads, unless via another lot. A vacant lot set behind a strip-mall and accessible only via the mall can be classified as this kind of property. Property that is locked is considered locked and is enclosed by other properties.
Understanding Landlocked
Landlocked parcels are usually due to subdivisions and the division of large area into smaller parcels. These parcels are sold individually. In ideal circumstances, smaller parcels should be able to access the public right-of-way, however often that’s not the case.
A seller may want to subdivide an enormous square piece of land with an attractive landscape feature within the middle like an edifice that isn’t suitable to develop. Instead of dividing the gerrymandered portion that grants roads to access the mountains it could be left as a landlocked.
Properties that are not occupied by land result when land that’s within a family for a number of years is split between family members. When properties are eventually sold, there is the requirement for the properties to be owned separately. The access to the landlocked property may not have been a concern since the nearby properties had been owned by the same household However, when ownership of certain properties, getting access to the landlocked property can be a problem.
Advantages and Disadvantages of Landlocked Real Estate
The landlocked property usually is less valuable than other properties due to its difficulty of access however it doesn’t mean that the property is worthless. Furthermore, because it is less valuable and is therefore less desirable, it could be more attractive in high-end neighborhoods for prospective buyers. This could give buyers to access a community which they might otherwise have to pay for.
The process of obtaining a mortgage or loan for a property that is landlocked However, it can be difficult as banks are not able to loan money to a landlocked home. Inaccessibility on the land for the public like firefighters and medical personnel, could make banks and potential buyers rethink their decisions when dealing with a landlocked property.
Easement
Access to a landlocked home or parcel may be difficult for the property owner. However federal and state laws guarantee the rights the property owner to “productive use” of their land, which translates to that they have that they have the right to access an open road.
An easement, which gives access to neighbouring land, is utilized to permit access. There are many kinds of easements. Some are more accessible than others. But, buyers who know the rules can make good investment opportunities in landlocked properties.
The most stress-free method to obtain an easement is by engaging in friendly conversation with the landowner of the neighboring property. It is possible that they will offer a promise verbally to allow the owner of landlocked property to access their land However, it is recommended to put the promise in written form.
A written easement drafted by an attorney who deals in real estate and recorded with the local deed office , provides protection for the landlocked owner. By negotiating a verbal agreement that the neighbor can decide to change their mind, or even sell their property to a less friendly owner.
In the end, the word of a neighbor isn’t going to be much of a factor when the landlocked property goes to market again. An easement that is permanent in writing eliminates all the potential issues.
Easement by Necessity
If a neighbor refuses the signing of a friendlier easement, or requests a disproportionate amount of amount of compensation, it might be necessary to get an easement in the first place. A necessity easement is court decision giving the landowner legally qualified rights to use their own property.
The problem is that the owner of the landlocked property must show through the deed and title search that the landlocked property as well as the adjacent property were at one time belonging to the same owner. The court basically says that, when the property was subdivided the owner did not make the necessary road access.
It is important to remember that applying for an easement out of necessity can incur legal fees. It could also result in the owner of the landlocked property having an angry neighbor who could contest the decision. There are some exceptions to easements by necessity, for instance, land patents issued to the government by federal law, and even ones dating to hundreds of years ago. To avoid getting involved in legal battles regarding an unlocked property, buyers should seek out an expert real estate lawyer.
Can You Deny Access to Landlocked Property?
It is not possible to deny access to landlocked properties. There are both state and federal laws in place that permit access to landlocked properties even when direct access isn’t feasible. One of the best methods to permit access to landlocked properties is through easements or easement of necessity.
Why Should I Invest in a Landlocked Property?
There are numerous reasons one might want to purchase an undeveloped property. Landlocked properties are less value and therefore could provide a way to enter an otherwise costly neighborhood which is not within the budget of the individual. If a landlocked home is situated near a commercial or business location that could expand in the near future, keeping a landlocked home and then selling it in the future at an increased price as the business grows is an additional reason to buy such a property.
What Is Severance of Unity?
“Severance of unity” is one of the elements an owner of property that is landlocked must prove in order to gain an easement due to necessity. It shows that the original owner of the property subdivided the property and a part of that division passed to person who is seeking to claim.
