What is meant by the term “conveyance” in real estate?

The term "conveyance" in real estate specifically refers to the act of transferring ownership of property from one party to another. This involves the legal process by which the title of the property is transferred, typically documented through a deed or other legal instruments. Conveyance is a critical aspect of real estate transactions because it ensures that the buyer officially acquires the rights to the property, making it theirs legally.

Understanding conveyance is fundamental to real estate operations, as it encompasses not just the physical transfer of the property, but also the documentation and legal considerations necessary to complete a sale. This transfer can involve various steps, including preparing and signing sales agreements, conducting closings, and recording the ownership in public records, but the essence of the term itself is specifically about the ownership transfer.

Other options relate to various aspects of real estate transactions but do not capture the precise legal definition of conveyance. For instance, while one choice mentions buying property and another discusses evaluating property value, neither directly addresses the legal action of transferring ownership, which is the core meaning of conveyance. Similarly, the negotiation of purchase agreements relates to the terms of a sale rather than the act of transferring ownership itself.