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In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. [1] A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title).
However, most personal property items do not have a formal document of title. For such items, possession is the simplest indication of title, unless the circumstances give rise to suspicion about the possessor's ownership of the item.
Many jurisdictions have switched or are switching from a deeds registration system to a system of title registration. For example, Hong Kong, one of the last common law jurisdictions to maintain a deed registration system, passed the Land Titles Ordinance in 2004, which will see Hong Kong shift to the Torrens system. The law will be gradually ...
The system does away with the need for a chain of title (i.e. tracing title through a series of documents) and does away with the conveyancing costs of such searches. The State guarantees title and is usually supported by a compensation scheme for those who lose their title due to the State's operation.
Torrens title is a land registration and land transfer system in which a state creates and maintains a register of land holdings, which serves as the conclusive evidence (termed "indefeasibility") of title of the person recorded on the register as the proprietor (owner), and of all other interests recorded on the register.
In Hong Kong, there is a statutory definition of "encumbrance".In Conveyancing and Property Ordinance (Cap. 219) it reads: ""encumbrance" (產權負擔) includes a legal and equitable mortgage, a trust for securing money, a lien, a charge of a portion, annuity, or other capital or annual sum; and "encumbrancer" (產權負擔人) has a meaning corresponding with that of "encumbrance" and ...
Livery of seisin (/ ˈ s iː z ɪ n /) is an archaic legal conveyancing ceremony, formerly practised in feudal England and in other countries following English common law, used to convey holdings in property. The term livery is closely related to if not synonymous with delivery used in some jurisdictions in contract law or the related law of deeds.
In most Commonwealth countries, a conveyancer is a specialist lawyer who specialises in the legal aspects of buying and selling real property, or conveyancing. [1] A conveyancer can also be (but need not be) a solicitor, licensed conveyancer, or a fellow of the Institute of Legal Executives.