"In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien."
The various types of deeds, how they function, and the process of transferring property ownership through conveyancing.
Property Ownership: Understanding the different types of property ownership models, such as individual, joint, and community property, and their implications on conveyancing.
Title: Understanding the various types of property titles and the legal process involved in obtaining them, such as transfer deeds or deeds of trust.
Covenants: Understanding the covenants (promises or agreements) that are attached to property ownership, such as restrictive covenants that prohibit certain activities from taking place on the property.
Easements: Understanding the legal concept of easements, which give the right to use a particular portion of land for a specific purpose, such as access to a public road.
Liens: Understanding the various types of liens, such as mechanics liens and property tax liens, that can affect property ownership and conveyancing.
Mortgages: Understanding the legal process of taking out a mortgage or loan to buy property and the implications on property ownership.
Conveyancing: Understanding the legal process of transferring a property from one owner to another, including drafting and executing of contracts, searches, and registration of the transfer.
Landlord and Tenant Law: Understanding the legal obligations of landlords and tenants, including rent payments, repairs, and evictions.
Zoning and Planning: Understanding the local zoning and planning laws and regulations that govern the use and development of property, including building codes, density limitations, and environmental regulations.
Property Taxation: Understanding the various taxes and assessments that are levied on property, including property tax, transfer tax, and stamp duty.
Warranty Deed: A warranty deed is a legal document that transfers ownership of the property from the seller to the buyer. It also provides the buyer with a guarantee that the seller holds a clear title to the property.
Grant Deed: A grant deed is a legal document that transfers ownership of the property from the seller to the buyer. It provides the buyer with a guarantee that the seller owns the property and has the right to sell it.
Quitclaim Deed: A quitclaim deed is a legal document that transfers ownership of the property from the seller to the buyer without guaranteeing that the seller holds a clear title to the property.
Trust Deed: A trust deed is a legal document that creates a trust and secures a loan against the property, providing the lender with collateral in case of default by the borrower.
Deed of Trust: A deed of trust is a legal document that transfers the title of the property to a trustee until the borrower pays off the loan to the lender.
Mortgage Deed: A mortgage deed is a legal document that transfers the title of the property to the lender until the borrower pays off the loan.
Leasehold Deed: A leasehold deed transfers the rights to use and occupy the property for a stated period, usually years, to a tenant.
Sale Deed: A sale deed is a document that transfers the ownership of the property from the seller to the buyer.
Conveyancing: The transfer of the legal title of a property from one person to another, which involves several legal procedures such as property search, documentation, title transfer, and mortgage registration.
Power of Attorney Deed: A power of attorney deed is a legal document that grants the authority to an individual to act on behalf of the property owner for legal and financial matters concerning the property.
"A typical conveyancing transaction has two major phases: the exchange of contracts and completion or settlement when legal title passes and equitable rights merge with the legal title."
"It is a legal requirement in all jurisdictions that contracts for the sale of land be in writing."
"An exchange of contracts involves two copies of a contract of sale being signed, one copy of which is retained by each party."
"An exchange by electronic means is generally insufficient for an exchange unless the laws of the jurisdiction expressly validate such signatures."
"It is the responsibility of the buyer of real property to ensure that he or she obtains a good and marketable title to the land."
"Some jurisdictions have legislated some protections for the buyer, besides the ability for the buyer to do searches relating to the property."
"A system of conveyancing is usually designed to ensure that the buyer secures title to the land together with all the rights that run with the land."
"Many jurisdictions have adopted a system of land registration to facilitate conveyancing and encourage reliance on public records and assure purchasers of land that they are taking good title."
"Completion (also called settlement) is when legal title passes and equitable rights merge with the legal title."
"It is usually sufficient that only the copy retained by each party be signed by the other party only—hence contracts are 'exchanged'. This rule enables contracts to be 'exchanged' by mail."
"Obtains a good and marketable title to the land—i.e., that the seller is the owner, has the right to sell the property, and there is no factor which would impede a mortgage or re-sale."
"It is a legal requirement in all jurisdictions that contracts for the sale of land be in writing."
"An exchange by electronic means is generally insufficient for an exchange unless the laws of the jurisdiction expressly validate such signatures."
"A typical conveyancing transaction has two major phases: the exchange of contracts and completion or settlement when legal title passes and equitable rights merge with the legal title."
"A system of conveyancing is usually designed to ensure that the buyer secures title to the land together with all the rights that run with the land."
"It is the responsibility of the buyer of real property to ensure that he or she obtains a good and marketable title to the land."
"Many jurisdictions have adopted a system of land registration to facilitate conveyancing and encourage reliance on public records and assure purchasers of land that they are taking good title."
"When the parties are together, both would usually sign both copies, one copy of which being retained by each party, sometimes with a formal handing over of a copy from one party to the other."
"A system of conveyancing is usually designed to ensure that the buyer secures title to the land together with all the rights that run with the land, and is notified of any restrictions in advance of purchase."