What does the term ‘conveyance’ refer to in real estate?

The term ‘conveyance’ in real estate specifically refers to the transfer of ownership of real property from one party to another. This process involves various legal documents, typically a deed, which is executed to formally record the change in ownership. Conveyance ensures that the rights to the property are legally transferred, establishing the new owner's title and interest in the property.

This process is fundamental in real estate transactions, as it determines who has legal rights to the property and how those rights can be exercised. The clarity and legality of the conveyance process are vital to promote confidence and security in real estate dealings, ensuring that all necessary disclosures and requirements are met.

The other choices do represent important aspects of real estate transactions but do not define conveyance. For instance, inspecting a property is crucial for assessing its condition but does not involve the transfer of ownership. Negotiating a real estate contract pertains to the agreements made before the transfer and does not include the act itself of transferring the property. Appraising a property's value involves determining its market worth, an important step prior to conveyance but separate from the actual transfer of ownership rights.