I am buying house with an easement for neighbor for off street parking. Is this easement considered a title defect? Should the easement be notated in the purchase contract? Can an easement be rescinded by me if i don't want to continue it. If so, how?
You really should have a local lawyer advise you as to the implications of the easement. If you are not clear as to the scope of the easement you should have the purchase contract address it. It will be addressed in some manner in the representations in the purchase contract concerning title. Since you know about the easement you might wish to have your real estate attorney include certain representations in the contract and mandate that you can get out of the purchase(assuming that is what you want) if you cannot obtain the assurances you want (e.g. a right to cancel it).
How was the easement created? The manner in which it was created, and local law, may affect whether you can terminate the easement unilaterally. Absent an express provision in the document creating it, or advice from a local real estate attorney that you can, don't assume that you can. Many easements are created in a deed that conveys the property. If so, look at the deed that will be in the title report that your lawyer will get as part of the due diligence (investigation process) before you agree to purchase the property.
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