What does "right of way" signify in real estate?

The term "right of way" in real estate specifically refers to a legal right allowing one party to pass through the property of another. This concept is significant because it facilitates access to various properties, especially when a landlocked parcel needs a route to a public road or other areas. The right of way can be established through easements, which may be granted for pedestrian, vehicular, or utility access, allowing for the necessary use of land that may otherwise be inaccessible.

This is a critical legal aspect as it balances the interests of both the property owner, who retains ownership of the land, and the individual or entity benefiting from the right to pass through it. Understanding this concept is essential for real estate professionals, particularly when dealing with property transactions or disputes related to land access.