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What’s the difference between conveyance and reconveyance? Conveyance is the act of transferring property ownership from one person or entity to a new person or entity.
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. [1] A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title).
Properties that are sold on the basis of equitable title have a legal chain of title intact, and a recorded transfer with the local municipality. Legal title is actual ownership of the property as when the property has been bought, the seller paid in full and a deed or title is properly recorded. Equitable title separates from legal title upon ...
In the transfer of real estate, a deed conveys ownership from the old owner (the grantor) to the new owner (the grantee), and can include various warranties. The precise name and nature of these warranties differ by jurisdiction. Often, however, the basic differences between them is the degree to which the grantor warrants the title.
Examples are those getting the property as a gift and heirs. Also, those who purchase ownership interests in the owners of the property, such as shares of stock in a corporation owning the land, have not purchased an interest in the property itself and so are unprotected. Also, recording laws generally do not protect purchasers against real ...
Torrens title is a land registration and land transfer system in which a state creates and maintains a register of land holdings, which serves as the conclusive evidence (termed "indefeasibility") of title of the person recorded on the register as the proprietor (owner), and of all other interests recorded on the register.
Real estate transfer tax can be appointed by the authorities of state, county or commune when a real estate property is being transferred within a certain jurisdiction. Subjected to the tax is usually the act of transfer of legal deeds, certificates and titles to a property that are being shifted between the seller and the buyer.
A lease and release is a form of conveyance of real property involving the lease of land by its owner to a tenant, followed by a release (relinquishment) of the landlord's interest in the property to the tenant. This sequence of transactions was commonly used to transfer full freehold title to real estate under real property law.