I have a 15ft wide driveway in a city and there are some aggressive highrise apartment development happening in my area which is going to put a massive strain on street parking. My next door neighbor with whom I have a decent relationship with asked if I would entertain the idea of demolishing my wall/fence between my driveway and his 3ft trash alley to make a 18 ft - 2 car driveway with an easement for him to use the one side by his house.
The proposal seems decently fair but I haven't had an attorney look at it yet. To my understanding the basics are:
He pays for all permits, legal costs, and dividing wall demo + regrading, and construction + materials to match my driveway to my liking.
I have a 30 day out for any reason. During which he has to pay to restore the property divider up to a reasonable limit.
I have a 12 month out, but I have to pay an increasing some of the costs to replace my wall/fence (next point)
He pays me a fee of ~$8k over 12 months for the inconvenience with some stipulations that I pay him back for a predetermined % of diving wall replacement if I back out between months 1-12. Then another fee of $20k after 12 months if I don't back out.
It's a personal easement that cancels when he moves.
The way I work it out is that it won't really cost me anything to try out aside from fees to have my attorney look over it. I know there's a risk that the relationship turns sour if I back out but this guy is pretty social and well liked on the block, I have a feeling that he's going to be disappointed but will respect me and accept it if I need to back out. He's generally very considerate about noise and cleanliness so I trust he won't park like an asshole. If anything I'd probably push for a cancellation clause that terminates it if I move out.
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source https://www.reddit.com/r/RealEstate/comments/1vz3n8u/us_opinion_on_proposed_easement_from_neighbor/
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