| Conveyancing is the act of transmission, transport or
more often, transfer of rights in property. [1] The term is
most commonly applied to the transfer of legal title of property
from one person to another, or the granting of an encumbrance
such as a mortgage or a lien.[2] However, the term may also
refer to the movement of bulk commodities or other products
such as water, sewerage, electricity, or gas. A buyer of real
property must ensure that he or she obtains a good and marketable
'title' to the land; i.e., that the seller is the owner, has
the right to sell the property, and there is no factor which
would impede a mortgage or re-sale. A system of conveyancing
is usually designed to ensure that the buyer secures title
to the land together with all the rights that run with the
land, and is notified of any restrictions in advance of purchase.
A typical conveyancing transaction contains two major landmarks:
the exchange of contracts (whereby equitable title passes)
and completion (whereby legal title passes). Conveyancing
occurs in three stages: before contract, before completion
and after completion.
In most mature jurisdictions, conveyancing is facilitated
by a system of land registration which is designed to encourage
reliance on public records and assure purchasers of land that
they are taking good title.
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