In case either of the parties fail to carry out these obligations and responsibilities, the other party can move to court against the former party which is not considered to be a defaulter. This includes the purchase price, date of transfer, along with all the other obligations and responsibilities which both parties have to abide by. The document, be it a contract, lease, title or deed will include all the terms that the seller and buyer have agreed upon. This legal contract, lease, title or deed can be referred to as an instrument of conveyance which is used to solidify the deal made between the buyer and the seller. You can also say that conveyance is a contract under which sellers and buyers are bound to stand by their commitments. It is a legal document that is made when transferring the said ownership from the seller to the buyer. What is Conveyance?Ĭonveyance is the term that refers to the act in which the ownership of a property is transferred from one person to another. So to learn what the term conveyance actually implies and why it is so important to understand, let us go through the basics of this term and see how it works. Although this term is often used in real estate, there may be some other industries like mineral oil industries. The legal process that takes place to solidify this ownership of the property is conveyance. This happens when an owner of a property transfers his ownership to another. If you have ever gone through a real estate deal, you must be quite familiar with the term “Conveyance”, which is often used as a legal term in real estate transactions.

Conveyance definition