Conveyance of title refers to the transfer of ownership rights, interests, or legal liability of a property or asset from one party to another. It involves the legal process of transferring the title or deed of the property, indicating the change in ownership from the seller or grantor to the buyer or grantee. This conveyance ensures that the buyer obtains clear and marketable title, guaranteeing their legal ownership rights.
During the conveyance of title, various legal documents are typically involved, including a purchase agreement, deed, and any relevant transfer documents. The process may also require additional steps, such as a title search, to ensure that no outstanding liens, encumbrances, or legal issues are attached to the property.
The conveyance of title is a crucial part of real estate transactions, ensuring that the buyer receives full legal ownership and the seller effectively transfers their rights to the property. It establishes evidence of ownership in the form of a legal document, such as a deed, that is recognized by the applicable jurisdiction's legal system.
Furthermore, the conveyance of title can also occur in other contexts, such as the transfer of ownership rights in personal property, intellectual property, or financial instruments. In these cases, the appropriate legal mechanisms or documentation specific to the respective asset type would be used to facilitate the transfer of ownership.
