A reciprocal easement agreement (REA) is a legal document that allows two parties to share access to their properties for specific purposes. For instance, a shopping mall and a neighboring store may agree to share a parking lot through a reciprocal easement agreement.
Creating an REA from scratch can be a daunting task. This is where a reciprocal easement agreement template comes in handy. A template can guide you through the process of creating an REA, ensuring that all the necessary details are included in the agreement.
Here are some key elements that should be included in a reciprocal easement agreement template:
1. Parties involved: A clear identification of the parties involved is essential. This includes the names of the property owners, their mailing addresses, and any other pertinent information.
2. Description of properties: The REA should describe the properties involved, including their addresses, legal descriptions, and any zoning restrictions that may apply.
3. Purpose: The purpose of the REA should be included in the agreement. This could be anything from shared access to parking lots, driveways, or even a shared lobby or hallway.
4. Terms and conditions: The terms and conditions of the REA should be clearly outlined. This includes the duration of the agreement, payment arrangements, and any penalties for violating the agreement.
5. Termination: The agreement should include provisions for termination. This could be due to violation of the terms of the agreement or change in ownership of the properties involved.
6. Legal representation: It is wise to include a provision that requires each party to have legal representation throughout the process.
7. Signatures: Finally, the REA should be signed and dated by both parties involved.
Using a reciprocal easement agreement template can save you time and energy in creating your own REA. It is important to note, however, that each agreement should be tailored to the specific needs of the parties involved.
Remember, an REA can be an excellent solution for sharing access to properties. With a clear agreement in place, both parties can benefit from the shared access without any unnecessary conflicts.