A conveyance agreement is a legal document used in real estate transactions to transfer ownership of property from one party to another. The agreement lays out all the terms of the sale, including the purchase price, payment schedule, and any contingencies or conditions that must be met before the sale is finalized.
In essence, a conveyance agreement is a contract between the buyer and seller that sets forth the details of the property transfer. It`s important to note that this agreement is different from a deed, which is the actual legal document that transfers ownership. The conveyance agreement serves as a blueprint for the deed, outlining the precise terms of the transfer.
Some common elements of a conveyance agreement include:
1. The identity of the parties involved in the transaction, including their legal names and addresses.
2. A description of the property being sold, including its location, dimensions, and any improvements or other features.
3. The purchase price, as well as any closing costs or other fees associated with the sale.
4. The timeline for the transaction, including the date of closing and any contingencies or conditions that must be satisfied before closing can occur.
5. Any warranties or representations made by the seller regarding the condition or history of the property.
6. Any special provisions or restrictions that apply to the property, such as easements or zoning restrictions.
Overall, a conveyance agreement is an important document in any real estate transaction. It serves as a roadmap for the sale, ensuring that both the buyer and seller understand their respective rights and obligations. Whether you`re buying or selling a property, it`s essential to have a clear and detailed conveyance agreement in place to protect your interests and avoid any misunderstandings.