What legal document provides the ability to transfer property ownership?

A deed is the legal document specifically designed to transfer property ownership from one party to another. It serves as a formal record of the transaction, detailing the parties involved, the property being transferred, and any conditions or restrictions that may apply. The deed must be executed according to the laws governing property transfers, which typically includes being signed, notarized, and recorded in the local land records office to provide public notice of the change in ownership.

In contrast, a will is a document that outlines how a person's assets, including real property, will be distributed upon their death. While a will can ultimately lead to a transfer of property, it does not facilitate an immediate change in ownership like a deed does. A lease is an agreement that allows one party to use or occupy a property owned by another for a specified period in exchange for rent but does not transfer ownership. An agreement could refer to many types of contracts, but it does not specifically denote the legal transfer of ownership that a deed provides. Thus, the deed is essential for conveyancing property rights legally and effectively.