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Encyclopedia > Conveyancing
Property law
Part of the common law series
Acquisition of property
Gift  · Adverse possession  · Deed
Lost, mislaid, and abandoned property
Bailment  · Licence
Estates in land
Allodial title  · Fee simple
Life estate  · Fee tail  · Future interest
Concurrent estate  · Leasehold estate
Condominiums
Conveyancing of interests in land
Bona fide purchaser  · Torrens title
Estoppel by deed  · Quitclaim deed
Mortgage  · Equitable conversion
Action to quiet title
Limiting control over future use
Restraint on alienation
Rule against perpetuities
Rule in Shelley's Case
Doctrine of worthier title
Nonpossessory interest in land
Easement  · Profit
Covenant running with the land
Equitable servitude
Related topics
Fixtures  · Waste  · Partition
Riparian water rights
Lateral and subjacent support
Assignment  · Nemo dat
Other areas of the common law
Contract law  · Tort law
Wills and trusts
Criminal Law  · Evidence

Conveyancing is the act of transferring the legal title in a property from one person to another. The buyer must ensure that he or she obtains a good and marketable 'title' to the land; i.e., that the person selling the house actually has the right to sell it and there is no factor which would impede a mortgage or re-sale. A system of conveyancing is usually designed to ensure that the buyer secures title to the land together with all the rights that run with the land, and is notified of any restrictions in advance of purchase. Image File history File links Scale_of_justice. ... Property law is the area of law that governs the various forms of ownership in real property (land as distinct from personal or movable possessions) and in personal property, within the common law legal system. ... This article concerns the common-law legal system, as contrasted with the civil law legal system; for other meanings of the term, within the field of law, see common law (disambiguation). ... A gift, in the law of property, has a very specific meaning. ... In real estate common law, adverse possession is a means of acquiring title to anothers real property without compensation, by, as the name suggests, holding the property in a manner that conflicts with the true owners rights. ... A deed is a legal instrument used to grant a right. ... In the common law of property, personal belongings that have left the possession of their rightful owners without having directly entered the possession of another person are deemed to be lost, mislaid, or abandoned, depending on the circumstances under which they were found by the next party to come into... Bailment describes a legal relationship where physical possession of personal property (chattels) is transferred from one person (the bailor) to another person (the bailee) who subsequently holds possession of the property. ... A license or licence is a document or agreement giving permission to do something. ... Estate is a term used in the common law. ... Allodial title is a concept in some systems of property law. ... Fee simple, also known as fee simple absolute or allodial, is a term of art in common law. ... A life estate, at common law is an estate in real property that ends at death. ... Fee tail is an obsolescent term of art in common law. ... In property law and real estate, a future interest - is an interest that accompanies a defeasible estate. ... A concurrent estate or co-tenancy is a concept in property law, particularly derived from the common law of real property, which describes the various ways in which property can be owned by more than one person at a given time. ... A leasehold estate is an ownership interest in land in which a lessee or a tenant holds real property by some form of title from a lessor or landlord. ... A condominium is a form of housing tenure. ... A bona fide purchaser (BFP)—or bona fide purchaser for value without notice (BFPFVWN)—in the law of real property, is an innocent party who purchases property for value, without notice of any other partys claim to the title of that property. ... Torrens title is a system of land title where a register of land holdings maintained by the state guarantees indefeasible title to those included in the register. ... Estoppel by deed is a doctrine in the law of real property that arises where a party conveys title to land that he does not own to a bona fide purchaser, and then acquires title to that land. ... A quitclaim deed is a term used in property law to describe a document by which a person disclaims any interest the grantor might have in a piece of real property, and passes that claim to another person (the grantee). ... A mortgage is a method of using property (real or personal) as security for the payment of a debt. ... Equitable conversion is a doctrine of the law of real property under which a purchaser of real property becomes the equitable owner of title to the property at the time that they sign a contract binding them to purchase the land at a later date. ... This page is a candidate to be copied to Wiktionary. ... In property law and real estate, a future interest - is an interest that accompanies a defeasible estate. ... A restraint on alienation, in the law of real property, is a clause used in the conveyance of real property that seeks to prohibit the recipient from selling or otherwise transferring his interest in the property. ... The rule against perpetuities is a rule in property law which prohibits a contingent grant or will from vesting outside a certain period of time. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... In the common law of England, the doctrine of worthier title was a legal doctrine that preferred taking title to real estate by descent over taking title by devise or by purchase. ... A nonpossessory interest in land is a term of the law of property to describe any of a category of rights held by one person to use land that is in the possession of another. ... NB: This article is manifestly incorrect outside of US law. ... A profit, in the law of real estate, is a nonpossessory interest in land similar to the better-known easement, which gives the holder the right to take natural resources such as petroleum, minerals, timber, and wild game from the land of another. ... A covenant running with the land, in the law of real property, is a nonpossessory interest in land in the form of an agreement between adjoining landowners to do or not do something with relation to the land that they respectively occupy - to maintain a fence, for example, or not... An equitable servitude is a term used in the law of real property to describe a nonpossessory interest in land that operates much like a covenant running with the land, requiring the landowner to maintain certain practices with respect to the land (e. ... In the law of real property, fixtures are anything that would otherwise be a chattel that have, by reason of incorporation or affixation, become permanently attached to the real property. ... Waste is a term used in the law of real property to describe a cause of action that can be brought in court to address a change in condition of real property brought about by a current tenant that damages or destroys the value of that property. ... A partition is a term used in the law of real property to describe the court-ordered division of a concurrent estate into separate portions representing the proportionate interests of the tenants. ... Riparian water rights is a system of allocating water among the property owners who abut its source. ... Lateral and subjacent support, in the law of property, describes the right a landowner has to have that land physically supported in its natural state by both adjoining land and underground structures. ... An assignment is a term used with similar meanings in the law of contracts and in the law of real estate. ... Nemo dat quod non habet, literally meaning no one [can] give what they dont have is a legal rule, sometimes called the nemo dat rule that states that the purchase of a possession from someone who has no ownership right to it also denies the purchaser any ownership title. ... A contract is any promise or set of promises made by one party to another for the breach of which the law provides a remedy. ... In the common law, a tort is a civil wrong for which the law provides a remedy. ... In the common law, a will or testament is a document by which a person (the testator) regulates the rights of others over his property or family after death. ... The law of trusts and estates is generally considered the body of law which governs the management of personal affairs and the disposition of property of an individual in anticipation and the event of such persons incapacity or death, also known as the law of successions in civil law. ... Criminal law (also known as penal law) is the body of statutory and common law that deals with crime and the legal punishment of criminal offenses. ... The law of evidence governs the use of testimony (e. ... // Use of the term In common usage, property means ones own thing and refers to the relationship between individuals and the objects which they see as being their own to dispense with as they see fit. ...


A typical conveyancing transaction, whether a sale or purchase, contains two major 'landmarks', which are exchange of contracts and completion, plus the three stages: before contract, before completion and after completion. A contract is any promise or set of promises made by one party to another for the breach of which the law provides a remedy. ...


In most mature jurisdictions, conveyancing is facilitated by a system of land registration which, in the near future, is likely to lead to widespread (if not mandatory) use of electronic conveyancing. In law, land registration is a system by which the ownership of estates in land, is recorded and registered, usually by government, in order to provide evidence of title and to facilitate dealing. ... Conveyancing is the act of transferring the ownership of a property from one person to another. ...


Electronic or Digital Conveyancing can be defined as -

  1. the system of exchanging sales & mortgage documentation and property data electronically
  2. between vendor & buyer, agent & lawyer, brokers & banks, government & land registry
  3. from point of sale to contract to settlement
  4. with or without printed documentation.

Contents

United Kingdom

In England and Wales this is usually done by a solicitor or a licensed conveyancer. Either may employ or supervise an unqualified conveyancer. Indeed, most domestic conveyancing transactions are carried out by unqualified staff in the employ of solicitors. This is principally due to economic factors. The domestic conveyancing market is price competitive, with a high number of firms of solicitors and conveyancing companies offering a similar service. Firms usually therefore employ lower-paid, unqualified staff to carry out the domestic conveyancing work, which in any case is administrative and routine in nature. A solicitor is a type of lawyer in many common law jurisdictions, such as the United Kingdom, Hong Kong, Republic of Ireland, Australia New Zealand and Canada, but not the United States (in the United States the word has a quite different meaning—see below). ... A Licensed Conveyancer is a lawyer in the United Kingdom or Australia who has been trained to deal with all aspects of property law. ... A lawyer who deals with the legal aspect of buying and selling real property. ...


It is possible for someone to carry out their own conveyancing and many people do so, for example by following instructions in the book "The Conveyancing Fraud" published by solicitor Michael Joseph. This book argues that the typical English solicitor leaves everything to chance and that you can do a better job yourslf.


Under English and Welsh law agreements are not legally binding until contracts are exchanged. This affords both the advantage of freedom before contract, but also the disadvantage of wasted time and expense in the event the deal is not done. To try to address this, Home Information Packs are being introduced from June 2007. English law is the law of England and Wales, rather than Scotland and Northern Ireland. ... It has been suggested that Sellers pack be merged into this article or section. ... 2007 (MMVII) will be a common year starting on Monday of the Gregorian calendar. ...


The normal practice is for the buyer to negotiate an agreed price with the seller then organise a survey and have the solicitor (or conveyancer) carry out their searches and pre-contract enquiries. The seller's solicitor or conveyancer will prepare the draft contract to be approved by the buyer's solicitor. The seller's solicitor will also collect and prepare property information to be provided to the buyer's solicitors, in line with the Law Society's National Protocol for domestic conveyancing. The Law Society of England and Wales is the professional association that regulates and represents the solicitors profession in England and Wales. ...


It takes on average 10-12 weeks to complete a conveyancing transaction, but some transactions are quicker, many take longer. The timescale is determined by a host of factors - legal, personal, social and financial. During this period prior to exchange of contracts (exchange being the point at which the transaction becomes legally-binding) either party can pull out of the transaction at any time and for any reason, with no legal or moral obligation to the other. This gives rise to a risk of gazumping and its converse, gazundering. The verb gazump means to ditch a sale agreement at the last minute in order to accept an higher offer. ... The verb gazump means to refuse to formalise a sale agreement at the last minute in order to accept a higher offer. ...


The position in Scotland under Scots law is that the contract is generally concluded at a much earlier stage, and the initial offer, once accepted by the seller, is legally binding. This results in a system of conveyancing where buyers get their survey done before making a bid through their solicitor to the seller's solicitor. If there is competing interest for a property, sellers will normally set a closing date for the initial offers. The contract is normally formed by letters between the solicitors on behalf of each of the seller and purchaser, called missives. Once all the terms of the contract are agreed, the missives are said to be concluded, and there is then a binding contract for the sale of the property. Normally the contract is conditional upon matters such as the sellers being able, before completion of the transaction, to prove that they have good title to the property and to exhibit clear searches from the property registers and the local authority. The fact that there is a binding contract at a relatively early stage, compared with the normal practice in England and Wales, makes the problem of gazumping a rarity. The disadvantage for the buyer is that they usually have to bear the cost of the survey for unsuccessful bids, though trials have been made of a system where the seller arranges for one survey available to all bidders. Motto: , traditionally rendered in Scots as Wha daur meddle wi me?[1] and in English as No one provokes me with impunity. ... Scots law (or Scottish law) is the law of Scotland. ...


Australia

In Australia much of the land which was first colonised by England is still Common Law (also known as Old System). However since the introduction of Torrens title in 1858 most land is now under the new (and greatly improved) system of conveyance. Torrens title is a system of land title where a register of land holdings maintained by the state guarantees indefeasible title to those included in the register. ...


United States

The conveyancing process in the United States varies from state to state depending on local legal requirements and historical practice. In most situations, three attorneys will be involved in the process: one each to represent the buyer, seller, and mortgage holder; frequently all three will sit around a table with the buyer and seller and literally "pass papers" to effect the transaction. (Some states do not require all parties to be present simultaneously.) In order to protect themselves from defects in the title, buyers will frequently purchase title insurance at this time, either for themselves or for their lender. Title insurance is insurance against loss from defects in title to real property and from the invalidity or unenforceability of mortgage liens. ...


In most states, a prospective buyer's offer to purchase is made in the form of a written contract and bound with a deposit on the purchase price. The offer will set out conditions (such as appraisal, title clearance, inspection, occupancy, and financing) under which the buyer may withdraw the offer without forfeiting the deposit. Once the conditions have been met (or waived), the buyer has "equitable title" and conveyancing proceeds or may be compelled by court order. There may be other last-minute conditions to closing, such as "broom clean" premises, evictions, and repairs. A court order is an official proclamation by a judge (or panel of judges) that defines the legal relationships between the parties before the court and requires or authorizes the carrying out of certain steps by one or more parties to a case. ...


Typical papers at a conveyancing include: deed(s), certified checks, promissory note, mortgage, certificate of liens, pro rata property taxes, title insurance binder, and fire insurance binder. There may also be side agreements (e.g., holdover tenants, delivery contracts, payment holdback for unacceptable repairs), seller's right of first refusal for resale, declaration of trust, or other entity formation or consolidation (incorporation, limited partnership investors, etc). Where "time is of the essence," there have been cases where the entire deposit is forfeited (as liquidated damages) if the conveyancing is delayed beyond the time limits of the buyer's contingencies, even if the purchase is completed. This page is a candidate for speedy deletion, because: it contains no useful content If you disagree with its speedy deletion, please explain why on its talk page or at Wikipedia:Speedy deletions. ... Statutory holdback or Contract holdback is the legal requirement found in most common law jurisdictions contract law that requires an owner engaging a contractor to hold a particular percentage of payment for a stipulated length of time. ... Liquidated damages is a term used in the law of contracts to describe a contractual term which establishes damages to be paid to one party if the other party should breach the contract. ...


External links

  • Digital Conveyancing Users Group- Discusses developments in all aspects of Electronic & Digital Conveyancing
  • How to buy land in India? - Article covers all the procedures and formalities.
  • Council for Licensed Conveyancers (UK)
  • E-Conveyancing (UK)
  • Conveyancing Jobs
  • Conveyancing Review
  • Conveyancing Solicitors in the UK

  Results from FactBites:
 
Mortgage - Wikipedia, the free encyclopedia (4411 words)
Due to the complicated legal exchange, or conveyance, of the property, one or both of the main participants are likely to require legal representation.
The terminology varies with legal jurisdiction; see lawyer, solicitor and conveyancer.
Because of the complex nature of many markets the debtor may approach a mortgage broker or financial adviser to help them source an appropriate creditor typically by finding the most competitive loan.
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