Introduction
Conveyance is an act in which the ownership interest of a property is transferred from a person or entity to another.
What is Conveyance?
Conveyance refers to the written document that transfers the legal ownership of the property from the seller to the buyer. It is a contract under which sellers and buyers are bound to stand by their commitments.
The term is mostly used in the real estate sector, where the document states the agreed-upon selling price, the date of transfer, the obligations of the sale, and the responsibilities of both the parties. If either of the parties fails to adhere to their obligations, the other party can move to the court against the defaulting party.
The process includes a review for liens, a check that ensures all conditions have been met, settling the taxes and other charges by the appropriate party before the transfer, confirming access to finances, and preparing the necessary documentation for ownership transfer.
Highlights of Conveyance
Common examples of conveyance are a deed of sale and lease.
Conveyance of ownership is also referred to as conveyancing, and the legal person who is managing the process is called conveyancer.
Any limitations on the property, such as mortgages, must be informed to the buyer.
