Convey

Comprehensive Definition
Examples
Frequently Asked Questions (FAQs)
Related Terms
Online Resources
References
Suggested Books for Further Studies

Comprehensive Definition

In real estate, to convey means to transfer ownership or an interest in a property from one person or entity to another. This is usually done through formal written documents, most commonly a deed. The process of conveying property is a critical mechanism in transactions such as buying, selling, or gifting real estate.

Examples

Deed of Sale: John decides to sell his house to Mary. At the closing of the transaction, John will sign a deed conveying ownership of the property to Mary.
Gifting Property: An elderly parent wants to transfer ownership of a family cabin to their adult child. They execute a deed to convey the cabin to the child legally.
Settlement of an Estate: As part of settling an estate, the executor conveys the deceased person’s property to the heirs according to the will.

Frequently Asked Questions (FAQs)

Q1: What types of deeds can be used to convey property?
A1: Common types of deeds include a warranty deed, which provides assurances of good title, and a quitclaim deed, which transfers only the interest the grantor has in the property without any warranties.

Q2: What is required for a deed to be valid?
A2: A valid deed must generally include the names of the grantor and grantee, an adequate legal description of the property, words of conveyance, the grantor’s signature, and should be delivered to and accepted by the grantee.

Q3: Can property be conveyed without a sale?
A3: Yes, property can be conveyed without a sale through mechanisms like gifting or as part of a will.

Deed: A formal legal document that transfers ownership of property.
Title: Legal concept signifying ownership of property.
Closing: Meeting at which the property ownership is officially transferred.
Grantor: The person or entity transferring the property.
Grantee: The person or entity receiving the property.

Online Resources

References

“Real Estate Law” by Marianne Jennings
“The Essential Guide to Mortgages and Interest Rates, Mortgage Loans and Real Estate Financing” by Jack Friedman, Jack C. Harris, Frank E. Williams
U.S. Legal System on Conveyance (https://www.uslegal.com)

Suggested Books for Further Studies

“Real Property” by Gilbert Law Summaries - Glannon Guide
“Modern Real Estate Practice” by Fillmore W. Galaty, Wellington J. Allaway, Robert C. Kyle
“Principles of Real Estate Practice” by Stephen Mettling and David Cusic

Real Estate Basics: Convey Fundamentals Quiz

### What does it mean to convey property? - [x] To transfer ownership or interest in property. - [ ] To finance the purchase of property. - [ ] To survey a property. - [ ] To secure a mortgage for property. > **Explanation:** "To convey property" means to transfer ownership or interest in the property from one party to another, typically through a legal document such as a deed. ### Who usually signs the deed in the conveyancing process? - [x] The grantor. - [ ] The grantee. - [ ] The lender. - [ ] The title company. > **Explanation:** The grantor, who is the person or entity transferring the property, is the one who signs the deed. ### Which of the following deeds offers the greatest level of protection to the grantee? - [ ] Quitclaim Deed - [x] Warranty Deed - [ ] Bargain and Sale Deed - [ ] Special Warranty Deed > **Explanation:** A Warranty Deed provides the highest level of protection to the grantee, offering assurances that the title is good and the property is not encumbered. ### In a conveyance, who is generally the recipient of property? - [ ] The broker. - [ ] The title company. - [x] The grantee. - [ ] The mortgage lender. > **Explanation:** The grantee is the recipient of the property being conveyed. ### Can property be conveyed without any monetary compensation? - [x] Yes, it can be conveyed as a gift. - [ ] No, monetary compensation is always required. - [ ] Only governments can do this. - [ ] It depends on state law. > **Explanation:** Property can be conveyed without monetary compensation through mechanisms like gifting the property. ### What must a deed include to be considered legally valid? - [ ] Signatures of both the grantor and grantee. - [ ] An appraisal of the property's current market value. - [x] Names of the grantor and grantee, legal description, words of conveyance, and the grantor's signature. - [ ] A certificate of notary public. > **Explanation:** A valid deed must include names of the grantor and grantee, a legal description of the property, words of conveyance, and the grantor's signature. ### When does the conveyance process usually culminate? - [ ] Upon verbal agreement. - [ ] After an appraisal. - [ ] After the grantor's death. - [x] At the closing meeting. > **Explanation:** The conveyance process typically culminates at the closing meeting where the formalities of transferring ownership are completed. ### What legal concept signifies ownership of property? - [ ] Deed - [x] Title - [ ] Lien - [ ] Survey > **Explanation:** The term "title" signifies legal ownership of property. ### What is the role of a grantee in the conveyance process? - [ ] They finance the property. - [ ] They prepare all legal documents. - [x] They receive the property being conveyed. - [ ] They certify the deed. > **Explanation:** The grantee is the recipient of the property in the conveyance process. ### What document is primarily used to transfer ownership in a real estate transaction? - [ ] Purchase Agreement - [x] Deed - [ ] Mortgage Contract - [ ] Property Survey > **Explanation:** The deed is the primary legal document used to transfer ownership in real estate transactions.