 |
Definition of 'Conveyance'
The act of transferring an ownership interest in real property from one party to another. Conveyance also refers to the written instrument, such as a deed or lease that transfers legal title of a property from the seller to the buyer. The term arises most frequently in real estate, where a conveyance refers to the written contract between the seller and the buyer stating the agreed-upon purchase price and the date of actual transfer, as well as the obligations and responsibilities of both parties.
|