CONVEYANCE
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Conveyance refers to the act of transferring the title, ownership, rights and interests in a property, from one entity to another. It is a binding contract that is enforceable in a court of law. A conveyance deed is, therefore, a contract in which, the seller transfers all rights to legally own and keep a property. The purchase of a property is not complete without a valid conveyance deed.
A valid conveyance deed must contain the following:
- The actual demarcation of the property.
- Other rights annexed to the property and its use.
- The full chain of titles, that is, all legal rights up until the present seller.
- The method of delivery of the property to the buyer.
- A memo of the consideration, stating how it has been received.
- Any further applicable terms and conditions for the full transfer of ownership rights.