So what is the actual process that occurs when your home sells? The act itself is known as Conveyance. This is the legal and binding transfer of property from one individual to another. The process of transfer involves a number of contracts and additional parties such as attorneys. The end goal is that the buyer receives a authentic and legitimate title to the property. This is of course assuming that the seller possesses the right to sell the property from a legal perspective. Conveyance is typically comprised of two elements, the exchange of contracts and completion. There are also three distinct stages of conveyance, before contract, before completion, and after completion.
Typically the process of conveyance is different in every state, however the basics of the act are similar. Representatives of the buyer, seller and the mortgage lender meet and exchange the necessary legal papers. There is a large number of legal documents that change hands at this stage; deeds are the primary documents that are involved at this stage however this is also the time when financial documents such as promissory notes, mortgage papers, pro rata property taxes, title insurance and such...
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