An electronic theory of the laser-induced ultrafast magnetization dynamics in transition-metal alloys is presented. A many-body model Hamiltonian is considered that incorporates the fundamental electronic hopping, local Coulomb interaction, and spin-orbit coupling (SOC) on the same footing. Exact time propagations are performed on a tetrahedral cluster, from which the time dependencies of the local spin moments, orbital occupations, and single-particle energies of homogeneous systems and binary alloys are obtained. The consequences of inhomogeneities in the laser absorption and in the SOC strengths are investigated giving emphasis to the nature of spin-density transfers between the alloy components. A local perspective on the optically induced spin transfer is proposed in terms of which two main steps emerge: a dominantly local optical excitation followed by hopping-driven spin-density transfers among the different alloy components. The conjoint action of the spin-orbit interactions at the origin of local spin flips and spin-to-orbital angular-momentum transfer and the interatomic hoppings responsible for charge, spin, and energy flows between different sublattices is demonstrated. Transient and steady-state dynamical regimes are identified that result in delays in the onset of the local demagnetizations and in ultrafast redistributions of the spin. The central role of electron delocalization and electronic hopping in the spin-density redistribution and demagnetization of the different alloy components is demonstrated.