What is Conveyance of Title?
Conveyance of title and conveyance deed
In a transaction involving property, there are regular transfers and the use of legal documents. Most of these documents are those that prove ownership of the building or the particular property in general. These documents disclose one’s legal ownership or acquisition of property.
Conveyance is the legal transfer of property ownership from one party to another. It signifies the change of property ownership rights from one person/party to another. It is a common term in transactions that involve real state. Conveyance is facilitated by the presence of a conveyance instrument such as contracts, leases and titles which are all documents with a legal value.
Conveyance of title is the legal act of transferring a property title from one individual to another. It gives the new property owner the full property ownership rights for any use of the property as long as the intended use is under the policy of the government.
This transfer of title involves the signing of a document by both the initial property owner and the new intended owner. This document is called the conveyance deed. It formalizes the transfer of the title and the ownership rights from the seller to the buyer. This document is legally acceptable since it has several elements. These elements include the following.
A Written Document
These give the reference characteristic to the document since an oral statement can not be validated before a court of law.
This document should state the extent in space to which the new property owner is allowed either full or a portion of the property. Proper demarcation should be done.
The document should clearly state the parties that are involved in the transaction. The buyer and the seller should be stated by their names for clarity.
All the involved parties should append their signatures to the document which shows the agreement of both parties to the transaction.
The document should meet all requirements including a signature by a witnessing legal practitioner.
Importance of a Conveyance Deed
- It serves as evidence in case of a property dispute over a conducted transaction
- It formalizes the transfer of ownership rights to the buyer
- It proofs a property free from disputes
- The deed acts as ownership proof to the property