Conveyance

Conveyance

Conveyance refers to the process of transferring ownership or possession of property from one party to another. It involves the following key elements:

1. Transferor: The party who owns the property and is transferring it to another.

2. Transferee: The party who receives ownership or possession of the property.

3. Property: The tangible asset that is being transferred.

4. Deed: The legal document that records the transfer of ownership or possession.

Types of Conveyance:

• Grant Deed: A deed that conveys land from one owner to another.
• Quit Claim Deed: A deed that releases any claim of ownership or possession of land.
• Substitute Conveyance: A deed that transfers ownership or possession of land from a third party to the transferee.
• Bill of Sale: A document that transfers ownership of personal property.
• Transfer of Shares: A document that transfers ownership of shares in a company.

Procedure of Conveyance:

1. Preparation: The transferor and transferee prepare the deed and other necessary documents.
2. Signing: The deed is signed by the transferor and transferee in the presence of witnesses.
3. Recording: The deed is recorded in the public records.
4. Delivery: The deed is delivered to the transferee.

Legal Considerations:

• The deed must be in writing and signed by all parties involved.
• The deed must be witnessed by two or more witnesses.
• The deed must be recorded in the appropriate public records.
• The transferee must be of legal age and sound mind.
• The transferor must have clear title to the property.

Additional Factors:

• Conveyance fees may be paid to the notary or other officials.
• Taxes may be payable on the transfer of property.
• The conveyance process can vary depending on the jurisdiction.
• It is recommended to seek legal advice during the conveyance process to ensure that the transaction is legally binding.