Enter to open, tab to navigate, enter to select
Reciprocal Easement Agreement (REA)
Practical Law Glossary Item 2-507-2359 (Approx. 2 pages)
Glossary
Reciprocal Easement Agreement (REA)
An agreement that:
- Provides for the rights and obligations of multiple owners of real property.
- Ensures harmony in the development, operations and maintenance of the affected real property.
An REA can be used for commercial or residential real estate. However, REAs are most commonly used for the development and operation of integrated shopping centers. For example, many times an REA is entered into when a developer and one or more major retailers jointly own all, or portions of, the real property to be developed into the shopping center.
The parties should ensure that they record the REA in the county where the real property is located. Once recorded, the contractual obligations in the REA will "run with the land." That is, the owners and all subsequent owners of all or any portion of the shopping center will be subject to the rights and obligations under the REA.