The term “conveyance” is often used in legal and real estate transactions. It’s essential to understand the definition of conveyance and the role of the conveyee in order to successfully close real estate deals. In this article, we explain the definition of conveyance and the role of the conveyee.
What Is Conveyance?
The term conveyance refers to the transfer of real estate from one person to another. It is a legal process that victims must go through to transfer real estate titles from one party to another. In most cases, the transfer is done through a formal document known as a deed. The deed is a legal document that is signed by all parties involved and is used to prove the transfer of ownership of the property.
Who Is the Conveyee?
The conveyee is the person that is receiving the transfer of ownership. The conveyee is the party that is legally accepting the title to the property from the conveyor. The conveyee should be prepared to take on all of the financial and legal obligations related to the property, including paying taxes and other fees. In some cases, the conveyee is also required to maintain certain standards to the property.
Examples of Conveyance
The most common example of conveyance is a real estate transaction between two parties. When a home buyer signs a contract to purchase a property, they become the conveyee. The seller is the conveyor, meaning that they are transferring the rights of ownership to the conveyee. Another common example of conveyance is when one party gifts a property to another. In this situation, the gifter is the conveyor and the receiver is the conveyee.
Final Thoughts on Conveyance and Conveyees
Conveyance is a legal process that is often used in real estate transactions. The conveyor is the party transferring the rights of ownership, while the conveyee is the party receiving the title to the property. It is important to understand the definition of conveyance and the role of the conveyee before entering into any real estate agreement.