More often than not, real estate transactions can get tricky, especially if you’re inheriting a property where the previous owner has passed away. Whether a property has fallen into your hands or you’re dealing with the death of a loved one, conveying ownership can tack on several months to the real estate process and become a cumbersome experience. Understanding how real estate is conveyed upon death can help new property owners navigate the real estate experience and help them protect a personal asset they are now holding.
What does Conveyance Mean in Real Estate?
To understand what conveyance in real estate means, let’s begin with its simplest definition. Conveyance is the transfer of ownership of property between the seller/conveyor and the buyer/conveyee. Real estate conveyance is accomplished by using a tool for conveyance, like a lease, contract, or deed. The legal title is transferred to a new owner by executing the document, effectively finalizing the property lien.
Conveyance in real estate is a very important step in any substantial real estate negotiation and is why so many new home buyers will purchase title insurance. Depending on which state you reside in, it may be expected for home buyers to pay a conveyance tax or real estate transfer tax. If you’re buying a home or a property falls into your hands, the conveyance process is the only way to obtain legal verification of the property’s true ownership. Conveyance in real estate clarifies that if one party wishes to break the contract used to transfer ownership, the other party can take legal action to enforce conveyance.
In 180 Homes’ helpful guide, we’ll explore what conveyance in real estate is so that future property owners can know what to expect. Here are some scenarios to help determine how a piece of real estate is conveyed upon death.
Transfer Property Fast with 180 Homes!
Buying, owning, or selling a property after an unexpected death can certainly have its challenges. Within these challenges, there can be many steps to be followed before a descendant can have the legal standing to sell an inherited property. Luckily by understanding what conveyance in real estate means, navigating challenges can be simplified.
If you’ve inherited a property and are considering selling it, Contact 180 Homes to get a Cash Offer.