Real Estate Terminology for 2021

Real Estate Terminology for 2021
🧑🏻‍🏫 Class is in session:
con·​vey·​ance | \ kən-ˈvā-ən(t)s
Definition of conveyance
: the action of conveying
👉 If you are looking at properties online, you have likely read a sentence that says something version of: “No Conveyance of offers before X date and time”
🤔 what does that really mean?
Conveying is the transferring, or relaying, of something from one party to another.
For example, when you buy a property, the seller conveys (or transfers) the title and house to your possession.
But in the context of “no conveyance of offers before X date and time”, what does it mean?
📝 It means the seller has instructed their listing realtor that they will not look at, or respond to, any offers prior to the pre-designated date and time.
So if the listing comments say “no conveyance of offers before 3 pm. Monday, April x, 2021” and you decide you want to submit an offer BEFORE the offer date, you CAN, however, the seller will not review it until 3 pm Monday.
And just as importantly, what does ‘conveyance’ NOT mean? It does not mean it is the date the sellers BEGIN accepting offers. The writing of the offers is done BEFORE this offer date/time. The review of the offers by the seller will happen AT that chosen time (or very close to it!)
🏃🏽‍♀️ If I can use a track and field/race reference:
🏁 The conveyance date is a finish line for offers, not the starting line.

Cynthia McGiverin


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