Conveyancing
When you buy, inherit or receive a gift of a piece of property or get a long lease over it (15 years or more) your name is registered on the Title as the owner or lessee. In legal terms, this is a Conveyance i.e. a transfer of a legal interest in the property to you.
Types of Conveyance:
• Transfer for Value – when the property is bought/sold at a price (value);
• Transfer by Way of Gift (aka Love & Affection Transfer) – when the whole property or a part of a property is given to you (your name is added to other existing owners on the Title) and no payment is made in exchange;
• Transfer on Death – when a property is passed to you under a Will or Letters of Administration or when one of the registered owners dies and their share of the property passes to the other joint owners (Application to Note Death);
• Registration of a Legal Lease of 15 years or more in duration;
• Buying and selling of unregistered land (where there is no registered Title).
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