To convey means to transfer property, rights, or title from one party to another. This transfer can be done through various legal instruments such as deeds, contracts, or leases. Conveyancing typically involves the preparation, execution, and delivery of documents that facilitate the transfer of ownership or interest in real estate, personal property, or other assets. The party transferring the property is known as the grantor or conveyor, while the recipient is the grantee or conveyee. Conveyancing processes ensure that the transfer is legally valid, properly documented, and recorded according to applicable laws and regulations.
v. to transfer title (official ownership) to real property (or an interest in real property) from one (grantor) to another (grantee) by a written deed (or an equivalent document such as a judgment of distribution which conveys real property from an estate). This is completed by recording the document with the County Recorder or Recorder of Deeds. It only applies to real property.
A legal summary of the term “convey” refers to the act of transferring or passing ownership or rights of a property or asset from one party to another. This can be done through various means, such as sale, gift, lease, or inheritance. The process of conveyance typically involves the execution of legal documents, such as deeds or contracts, to ensure the transfer is legally binding and enforceable. Conveyance is an essential aspect of property law and is governed by specific legal principles and regulations to protect the rights and interests of all parties involved.
While it is not legally required to hire a conveyancer or solicitor, it is highly recommended. Conveyancing involves complex legal procedures, and having a professional handle the process can help ensure that all legal requirements are met and protect your interests.
The duration of the conveyancing process can vary depending on various factors, such as the complexity of the transaction, the efficiency of the parties involved, and any unforeseen issues that may arise. On average, it can take anywhere from 6 to 12 weeks.
Property searches are inquiries made to various authorities and organisations to gather information about a property. These searches help identify any potential issues or restrictions that may affect the property, such as planning permissions, environmental concerns, or outstanding debts.
The completion date is the agreed-upon date when the property transaction is finalised, and ownership is transferred. It is typically set in the contract and is when the buyer pays the remaining balance, and the seller hands over the keys.
The government imposes a tax on real estate transactions called stamp duty. The amount payable depends on the purchase price of the property. Usually, the buyer is responsible for paying it, and settlement is due 30 days after completion.
A mortgage deed is a legal document that establishes a lender’s security interest in a property. It outlines the terms and conditions of the mortgage, including the repayment schedule and consequences of default. It is important as it protects the lender’s rights and interests in the property.
A title deed is a legal document that proves ownership of a property. It contains information about the property, its boundaries, and any restrictions or rights associated with it. Once the conveyancing process is complete, the title deed is typically registered with the relevant land registry, and you can obtain a copy from them.
The costs of conveyancing typically include professional fees for the conveyancer or solicitor, property searches, land registry fees, stamp duty, and any additional disbursements. It is important to obtain a detailed breakdown of costs from your conveyancer or solicitor before proceeding with the transaction.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 9th April, 2024.
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