Just because you own a property, it does not necessarily mean that your home is 100% yours. There might be some part of your land that you need to share with your neighbors or total strangers, depending on the utility of the land you own.
If you are considering of purchasing or selling a property, it would be extremely helpful to know the nuances surrounding “Right of Way” and “Easement”.
The Difference Between Right of Way and Easement
Right of Way and Easement both refer to the communal use of a tract of land for a particular purpose, whether it be for travel, installing power lines, gas pipes, a water storage facility, or other utilities. In both cases, property owners are obliged to share a portion of their property for public use, lest they be vulnerable to legal issues.
It is easy to spot the difference between an Easement and a Right of Way Easement. Easement is the umbrella term that refers to the right of other people to use a land for a stated purpose. This agreement lets specific parties use a property for developing utilities, construction, maintenance, and access to natural resources. Generally, it can involve a particular portion or a general area of one’s property.
Right of Way, on the other hand, is a type of easement that provides individuals the right to travel across a property owned by another person. Unlike general easements, the Right of Way applies to the public, and not just to one specific person or legal entity.
Why You Should Know More about Easement and Right of Way
Easement and Right of Way can both affect a property’s value. Some prospective buyers may not be enthusiastic about purchasing a property once they realize that it may not be 100% theirs. This can also limit the tract of land available for building new structures in a property, and the presence of certain high-power utilities may reduce the resale value of your property.
There are also positives that come with right of way and easement, like giving a housing project the chance to build a water storage facility, power lines, or gas lines. The presence of these property easements can positively or negatively affect your property value, depending on the intent of the buyer.
Contact a Real Estate Lawyer for Enquiries
To know more about the difference between right of way and easement, as well as having an insight to how it can affect your property and its value, it would be wise to contact a real estate lawyer with experience in the field. Contact qualified real estate lawyers now and see how you can use right of way and easements to your advantage!
Written by The VanMatre Law Firm, one of the top real estate attorneys in Columbia, MO.