ContractsCounsel Logo
Home Blog Conveyance

Jump to Section

What Does Conveyance mean?

Conveyance is a term used in law to refer to transferring title or ownership of property from one person to another. For a conveyance to be effective, it must be in writing and signed by the person transferring the property.

Conveyances can be made through various means, such as deeds, contracts, and wills. The purpose of the conveyance is to ensure that the property is transferred legally and with the proper documentation. However, there may be a problem with the conveyance, such as a breach of contract. In that case, the party who received the property may sue for damages.

Legal written agreements used in conveyance include title, contract or lease, and transfer documents. These instruments of conveyances contain essential information like the agreed purchase price, the date of transfer, and the obligation of both parties.

Here’s an article about the definition of conveyance here.

Types of Conveyances

  • Real Estate Conveyance

Real estate conveyances are prepared when the seller transfers land ownership to the buyer. The documents involved during real estate settlement include certificate liens, mortgage documents, land title, and any other side agreement related to the transfer.

  • Mineral Rights Conveyances

Mineral right conveyances are applied if an exploration company wants to own a piece of land. The two entities enter into a contract that grants the exploration company mineral rights.

The company can mine the minerals without the owner handling the title of the land. However, the property owner is compensated for transferring the ownership rights to the mining company.

What are Examples of Conveyances?

Here are some examples to help you understand different types of conveyances.

  • Example 1

Your grandfather owns some property and would like to sell it to you. He can decide to use an arm-length transaction to buy the property at fair market value. Here, the deed is transferred at closing, and you become the new legal owner of the property.

  • Example 2

If your grandfather decides to gift you that property, you won’t have to compensate for the property’s value. However, you must pay a gift tax of not less than $16,000.

  • Example 3

When your grandfather dies, the deed is conveyed to you. In this case, you don’t pay anything. Instead, you pay an estate tax that’s not less than $12.06 million.

Meet some lawyers on our platform

Leonid G.

4 projects on CC
CC verified
View Profile

Kelvin R.

24 projects on CC
CC verified
View Profile

Rebecca R.

8 projects on CC
CC verified
View Profile

Daehoon P.

199 projects on CC
CC verified
View Profile

Understanding Conveyance Law

The laws and practices followed during the conveyancing process are determined by the land’s location. However, most states follow almost the same legal format when conveyancing property.

When two entities agree to perform a property transaction, a hard copy contract should be presented to the seller and buyer. Next, both entities are supposed to sign the contract after verifying everything.

Here is a list of documents you need for a conveyance deed to be termed legal:

  • Property deed
  • Location plan
  • Mutation entries
  • Survey plan
  • Architecture certificate
  • Asset transfer agreement
  • Occupancy certificate
  • Certificate of commencement
  • Drafted conveyance deed
  • Proof of registration

The transfer of ownership is legally approved once relevant parties sign all these documents.

Conveyance in Real Estate

Real estate conveyance ensures that all conditions are fulfilled and all taxes are settled before transferring the land ownership rights. Also, a real estate conveyancer prepares all legal documents to be used during the settlement.

Here are common types of deeds used in real estate transfer:

  1. Grant Deeds : A grant deed is issued when the property owner decides to transfer ownership to the buyer. The seller agrees that the property is free of any lien.
  2. Quitclaim Deed : The seller transfers ownership to another person without guaranteeing that the property is in good condition.
  3. Reconveyance Deed : This deed is issued by the mortgage lender when the borrower has completed paying for the mortgage

Please reference here if you have questions about real estate conveyance.

What is Conveyance in Business?

People seeking to perform any business transaction can consult conveyance experts to help transfer ownership. Remember that buying or selling a business is not just handing over the keys. There’s a legal settlement process that both parties need to undergo.

Before the Contract Phase

First, both parties need to agree and have a settlement document put in place. Next, ensure your conveyancer has read the settlement document, especially the Form 2 business disclosure statement, and provided relevant feedback.

The Contract Phase

A business contract allows both the buyer and seller have a deeper insight into different aspects of the said business. The buyer gets to investigate and understand the financial state of the business.

During the contract phase, the buyer makes all the inquiries regarding the business. Next, the seller’s conveyancer provides detailed feedback on behalf of their customer. Then, a conveyance expert drafts a detailed contract as proof of sale.

After Completion Phase

In the completion phase, both the seller and buyer settle on the quoted price and state the payment plan. Both parties then sign all legal documents to confirm the transfer of ownership.

A conveyance expert can have the contract signed on your behalf and notify all the relevant financial institutions when the payments are made.

Types of Legal Documents Used in Conveyance

Conveyancing can be a long, tedious process that requires many legal documents. Therefore, it’s always a good idea to involve a conveyancer to guide you filling when filling the documents.

Here are the most basic documents you’ll need during the conveyancing process.

Contract of Sale

A contract of sale is an important document that acts as a purchase and sale agreement. The ownership of property changes when this contract is signed.

Some of the details you’ll see in a contract of sale include:

  • Settlement date
  • Property address
  • Names of the buyer, seller, conveyancers, and real estate agents
  • Cooling off period

Certificate of Land Title

A land title is a legal document used to prove if the seller is the real owner of the property. The seller must present this document to the buyer for review.

Important information available in a title deed includes:

  • Heritage delays
  • Caveats
  • Existing mortgages on the property
  • Easements
  • Renovations, restrictions, and extensions made

Vendor’s Statement

A vendor’s statement includes all important information that affects the sold property. Therefore, the seller must present this document regardless of whether it will affect the buyer’s decision.

The vendor’s statement must have the information below.

  • Building permits
  • Certificate of title
  • Plan of the house
  • Utilities connected to the property
  • Recent lease agreements
  • Outgoing costs
  • Recent renovations carried out

Settlement Statement

A settlement statement is a legal document issued after signing the sale contract. You’ll find the following details in a settlement statement:

  • Taxes
  • Rates estimate
  • Government fees
  • Deposit amount
  • Purchase price

Transfer Documents

Transfer documents are filled after a successful transfer of ownership. The transfer documents must be filled out in the presence of witnesses. The transfer documents are then handed over to the relevant state offices.

Verification of Identity (VOI)

The new recipients of the title deed must identify themselves to prevent fraud during the transaction process. This form must be filled in the presence of a VOI agent.

For a better understanding of legal conveyance documents, please reference here:

Get Help with Conveyance Issues

Transferring property from one entity to the other is a tedious process that involves much legal paperwork. Making mistakes when transferring ownership could cause a considerable loss. Avoid making such mistakes by hiring a conveyance expert today.

Post a project in ContractsCounsel’s marketplace to get flat fee bids from lawyers that can help.


ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.


Need help with a Purchase And Sale Agreement?

Create a free project posting
Clients Rate Lawyers 4.9 Stars
based on 11,053 reviews

Meet some of our Lawyers

Rhea d. on ContractsCounsel
View Rhea
5.0 (13)
Member Since:
April 12, 2023

Rhea d.

Attorney
Free Consultation
San Francisco Bay Area, California
27 Yrs Experience
Licensed in CA, DC
University of Utah

Rhea de Aenlle is a business-savvy attorney with extensive experience in Privacy & Data Security (CIPP/US, CIPP/E), GDPR, CCPA, HIPAA, FERPA, Intellectual Property, and Commercial Contracts. She has over 25 years of legal experience as an in-house counsel, AM Law 100 firm associate, and a solo practice attorney. Rhea works with start-up and midsize technology companies.

Matt B. on ContractsCounsel
View Matt
5.0 (7)
Member Since:
September 8, 2023

Matt B.

Partner
Free Consultation
Coral Gables, FLorida
24 Yrs Experience
Licensed in FL, NY
University of Miami School of Law (JD)

Matt practices law in the areas of commercial finance, contract law, business & corporate law, and residential and commercial real estate (with a particular emphasis on retail shopping centers and office buildings). He has extensive experience in negotiating and structuring complex commercial loan, asset acquisition, asset disposition, leasing and real estate transactions. Matt additionally works on various general matters for clients such as forming LLCs and corporations, preparing various LLC and corporation documents and drafting and reviewing various types of contracts and agreements for clients and providing advice regarding same. Matt provides clients with extensive and timely communication on their matters and ensures that his clients are well represented and highly satisfied with their legal representation and the work product provided. Matt offers all potential clients a free initial consultation to discuss their legal matters prior to engaging his firm to represent them. Prior to opening his law firm Matt worked for many years in the New York City office of a large international law firm where he counseled large multi-national businesses, financial institutions, investment groups and individuals on highly sophisticated business, financial and real estate transactions. Matt provides his clients with diligent legal representation on their matters with a very personal approach.

William W. on ContractsCounsel
View William
Member Since:
June 6, 2023

William W.

Principal Attorney
Free Consultation
St. Louis
4 Yrs Experience
Licensed in MO
Saint Louis University School of Law

My name is Will, and I'm the Principal Attorney at Accelerate Law STL, a startup attorney who helps entrepreneurs and small businesses with everything from formation to IPO. Whether your small to mid-sized business needs help drafting or reviewing contracts, securing intellectual property, complying with government regulations, or even streamlining your business' internal policies, I'm prepared to help.

 on ContractsCounsel
View
Member Since:
June 18, 2023

Free Consultation
43 Yrs Experience
Gaille G. on ContractsCounsel
View Gaille
Member Since:
June 12, 2023

Gaille G.

Corporate Leasing Counsel
Free Consultation
Miramar, Florida
11 Yrs Experience
Licensed in FL
St. Thomas University-JD

I specialize in reviewing, drafting and negotiating commercial real estate contracts. I have over 10 years of experience in the areas of cell tower leases and retail shopping center leases.

Cannon M. on ContractsCounsel
View Cannon
Member Since:
June 12, 2023

Cannon M.

Lawyer
Free Consultation
Oklahoma City, Oklahoma
4 Yrs Experience
Licensed in OK
Oklahoma City University School of Law

I am an Oklahoma-licensed lawyer with a focus on guiding startup companies through important early-stage questions, such as entity formation, corporate governance, and fundraising. In my previous role, I drafted Form 1-A offering circulars, Form C offering circulars, and private placement memoranda for startups seeking to raise capital.

Find the best lawyer for your project

Browse Lawyers Now

Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.

View Trustpilot Review

Need help with a Purchase And Sale Agreement?

Create a free project posting
Clients Rate Lawyers 4.9 Stars
based on 11,053 reviews
CONTRACT LAWYERS BY TOP CITIES
See All Real Estate Lawyers
CONVEYANCE LAWYERS BY CITY
See All Conveyance Lawyers

Contracts Counsel was incredibly helpful and easy to use. I submitted a project for a lawyer's help within a day I had received over 6 proposals from qualified lawyers. I submitted a bid that works best for my business and we went forward with the project.

View Trustpilot Review

I never knew how difficult it was to obtain representation or a lawyer, and ContractsCounsel was EXACTLY the type of service I was hoping for when I was in a pinch. Working with their service was efficient, effective and made me feel in control. Thank you so much and should I ever need attorney services down the road, I'll certainly be a repeat customer.

View Trustpilot Review

I got 5 bids within 24h of posting my project. I choose the person who provided the most detailed and relevant intro letter, highlighting their experience relevant to my project. I am very satisfied with the outcome and quality of the two agreements that were produced, they actually far exceed my expectations.

View Trustpilot Review

Need help with a Purchase And Sale Agreement?

Create a free project posting
Clients Rate Lawyers 4.9 Stars
based on 11,053 reviews

Want to speak to someone?

Get in touch below and we will schedule a time to connect!

Request a call

Find lawyers and attorneys by city