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Property conveyance is a procedure for transferring legal ownership of property between parties. This term is used to refer both to the process itself and to a legal document formally transferring ownership and providing information about the transaction. In some regions, attorneys who specialize in property conveyance supervise these kinds of transactions to make sure they go smoothly. In others, any attorney can oversee the process and file the accompanying documentation.
The process of property conveyance starts with a contract. Both parties negotiate to reach agreeable terms and decide on a price and other details. Once this is finalized, they sign a contract, and the process of paying for the property and formally transferring the title can begin. Both parties have obligations under the contract to complete the deal within a certain time frame and to fulfill all components of the deal. If either fails to do so, there can be legal penalties.
A document known as a property conveyance spells out the terms of the transaction, indicates the title has been formally transferred, and is entered in the records pertaining to the property. All parties have a copy, as does a clerk or other recordkeeper, in the event of future disputes or questions about the property. Historical conveyances can provide information about the history of the property, the terms of previous deals, and any changes to land use, property boundaries, and so forth.
Property conveyance law can get extremely complicated in some regions of the world. Real estate is a major purchase, sometimes the largest purchase someone will ever make, and there are a number of details to cover, from contingencies allowing people to back out of a deal if there is a problem in deciding who is responsible for paying the fees associated with the transfer of title. All of this must be worked out in the initial contract for sale.
Working with someone who has property conveyance experience can facilitate the process. Experienced professionals know what to watch out for when making deals and are familiar with minutia that may escape less attentive people or people who have less experience. Usually there are legal listings available providing information about people authorized to practice law in a given area, with further subheadings within that list to allow people to locate attorneys with specific skill sets and experience. In some regions, a real estate agent may act as legal agent for the buyer or seller, supervising the conveyance without the need for a lawyer.