In law, conveyancing is the transfer of legal title of property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. The term conveyancing may also be used in the context of the movement of bulk commodities or other products such as water, sewerage, electricity, or gas. A typical conveyancing transaction contains two major landmarks: the exchange of contracts (whereby equitable title passes) and completion (whereby legal title passes).