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Real Estate Term of the Day – Conveyance

the-Conveyance

Conveyance is the act of transferring ownership interest in property from one owner to another. This word often refers to a written object, like a deed or a lease, that legally transfers the property from a seller to a buyer. Conveyance of ownership of real estate is also referred to as “conveyancing,” and the legal representative overseeing the process can be referred to as a conveyancer.

Without the fancy language, a conveyance is just a contract that means that both the buyer and the seller are legally bound to fulfill their obligations. It ensures that the buyer is informed in advance of any restrictions on the property, and assures the buyer of clean title to the property. It is a very general term that that applies to all forms of real estate transaction, not just residential ones.

The process behind a typical conveyance will include a review for liens, an assurance that all conditions have been met, settlement for taxes and charges with the appropriate party prior to transfer, and confirmations for finances and all other documents for the final settlement. These documents typically include a deed, mortgage documents, certificate of liens, and any side agreements related to the sale.

Lydia Whiteford (54 Posts)


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