Which legal document signifies the ownership transfer in a real estate transaction?

The deed is the legal document that signifies the transfer of ownership in a real estate transaction. It serves as the official record that provides proof of the transfer of title from the seller to the buyer. The deed contains a description of the property, the names of the grantor (seller) and grantee (buyer), and is usually signed by the grantor. Once executed and delivered to the grantee, it evidences that the ownership of the property has changed hands.

In contrast, a purchase agreement is a contract outlining the terms of the sale, including the purchase price and conditions for the transaction, but it does not transfer ownership by itself. A lease is a legal document that outlines the terms under which one party can use a property owned by another party, but it does not convey ownership rights. Escrow is a process involving a neutral third party who holds funds or documents until certain conditions are met; it facilitates the transaction but does not itself represent ownership transfer.