Closings glossary
Right of way
An easement granting passage across land. Recorded rights of way run with the property and are listed among the exceptions on a title report.
What is a right of way?
Quick Answer
The full definition
An easement granting passage across land. Recorded rights of way run with the property and are listed among the exceptions on a title report.
Where does right of way come up in a New York City closing?
A Staten Island lot carries a recorded right of way for the rear neighbor, so the buyer's plan to gate the side yard has to be redrawn.
What else should you read before closing?
In the glossary
- EasementA right to use part of another owner's property for a specific purpose. Easements appear as exceptions on a title report and generally survive a sa...
- CovenantA recorded promise or restriction that runs with the land and binds future owners. Restrictive covenants limit what the property may be used for or...
- SurveyA surveyor's drawing of the parcel, its improvements and any encroachments. Lenders on houses and townhouses generally require a current one or a s...
- Title exceptionA matter the title policy does not insure against, listed on Schedule B. Some exceptions are removed before closing and others are simply accepted ...
- AppurtenanceA right or improvement that passes with the property when title transfers, such as an easement benefiting the parcel, a parking right or a fixture ...
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