As a homeowner, you may have heard the term “encroachment agreement” thrown around, but what exactly does it mean? An encroachment agreement is a legal document that establishes an agreement between two parties regarding the use of property or land.
Encroachment occurs when a property owner or occupant builds a structure or makes use of private land that is not theirs. This can happen unintentionally, such as when a fence is built slightly over the boundary line, or intentionally, such as when a property owner wants to extend their driveway onto a neighbor’s land.
An encroachment agreement is used to resolve these types of disputes and protect the rights of both parties. The agreement typically outlines the specific area of encroachment, the duration of the agreement, and any compensation that may be required.
Before signing an encroachment agreement, it’s important to understand the implications involved. If you’re the encroaching party, you may be required to make monetary payments to the other party or give up certain rights to the land. Additionally, the agreement may have legal consequences if it’s violated in the future.
It’s also important to consider the potential impact on your property value. Any encroachment on your property could potentially devalue the land or make it difficult to sell in the future.
To ensure that you’re fully protected, it’s recommended to consult with a real estate attorney before signing an encroachment agreement. They can help you understand the terms of the agreement, assess any potential risks, and provide guidance on how to proceed.
In conclusion, an encroachment agreement is a legal document that establishes an agreement between two parties regarding the use of property or land. It’s important to understand the implications involved and seek professional advice before signing the agreement to ensure that your rights and property value are protected.