In real property law, what does "reservation" refer to?

In real property law, "reservation" specifically pertains to rights that are retained by the seller when ownership of a property is transferred to another party. This means that when a seller conveys the property to a buyer, they may still keep certain rights associated with that property, such as the right to access a well or maintain a right of way, for example. This concept is important as it helps to clarify the extent of what is being transferred in the sale and ensures that both parties understand any limitations or conditions that may still apply after the transaction occurs.

Understanding reservations is crucial for both buyers and sellers in real estate transactions because these retained rights can significantly impact how the property can be used or enjoyed post-sale. Other options offered do not accurately capture the definition; the transfer of ownership of land describes the act itself, while legal claims and buyer's rights post-purchase refer to different legal concepts altogether. This distinction is vital for anyone involved in real estate to navigate transactions and property rights effectively.