An assortment of documentation is required during the process of purchasing or selling a residence. While you might be acquainted with certain property-related documents, there could be unfamiliar terms that come up. Today, we will comprehensively cover one particular document: the conveyance deed.
Conveyance pertains to the shifting of property rights to a different individual, while a deed constitutes a written legal document. Given that a conveyance deed is generally unfamiliar unless one has engaged in property matters, this blog will delve into the specifics of what a conveyance deed entails.
Conveyance Deed
A conveyance deed serves as a legal tool employed to shift property ownership from one individual to another, encompassing scenarios such as gifting, trading, leasing, mortgaging, and more. This type of deed can take on various forms, including gift deeds, mortgage deeds, lease deeds, or sale deeds.
The following are the several forms of conveyance deeds:
- Conveyance Document for Freehold Property: This sort of conveyance deed is issued for a property that has been turned into a freehold property by an authority.
- Leasehold Property Conveyance Document: A leasehold property conveyance deed is used to transfer property ownership. A leasehold property is one in which the owner has the right to anything within the property’s walls but cannot do anything to the exterior walls.
- Mortgage Property Conveyance Deed: A mortgage property conveyance deed is used for the mortgaged property.