Conveyance is used to describe the transfer of real property interests. Conveyance typically occurs through property transfer as a gift, through a sale or by inheritance wholly or partially. It should be in writing, dated and signed for it to be legally recognised.
There are different types of conveyancing in Townsville. There are many variations in conveyancing law, but courts of law recognise three broad categories.
Fee tails are designed to preserve an estate in the lineage of the individual receiving a property interest. This way, only the descendants of a fee tail proprietor benefit from the property. If the fee tail holder passes on without heirs, the property and fee tail reverts to its original owner. Some states, however, have changed fee tail into life estates and fee simples.
In a life estate, an individual is granted the ownership and use of the real estate during his/her lifetime. The person with these ownership rights is known as the ‘’life tenant’’. Once the life tenant dies, the property either reverts to its original owner or anybody chosen by the original owner. Life tenants are not legally allowed to pass their property to their heirs.
This conveyance has two distinctive characteristics. The property can be owned infinitely and can be inherited by the owner’s heirs. Fee simples are of two types: fee simple defeasible and fee simple absolute. A fee simple defeasible can end with violation of certain conditions. Someone with a fee simple absolute conveyance has a right of exclusion, alienation and possession.
Transferring and gaining a conveyance is a significant undertaking. It requires expert guidance and assistance of an experienced conveyancing lawyer. The attorney will help you understand the wording of your contract and ensure that it works according to your wishes.