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Updated over 3 years ago, 05/27/2021

User Stats

21
Posts
4
Votes
Herbert Wu
  • Deerfield, IL
4
Votes |
21
Posts

Easement agreement for parking spots or not?

Herbert Wu
  • Deerfield, IL
Posted

Hi,

I am interested in buying a small commercial property, but the owner recently sold a portion of the lot to a condo developer. The sold portion of the lot including 5 parking spots for the existing tenants. In the purchase agreement, the condo developer in one sentence promised 5 parking spots to be reserved for the commercial property once his construction is done. 
I am concerned that once the developer sells his new condo complex to a new owner, the new owner may take the 5 parking spots back. 
So before I purchase this property, should I ask current owner and the condo developer to create some type of easement agreement so that these 5 parking spots are guaranteed for the small commercial property no matter what happens in the future?

Thanks
Herbert