Colorado Sales License Practice Test

The term that refers to the official transfer of property ownership is known as a deed. A deed is a legal document that serves as evidence of the transfer of real estate title from one party to another. When a deed is executed correctly and recorded in the appropriate jurisdiction, it signifies the completion of the transaction and the change in ownership of the property.

Legally, a deed must include specific elements such as the names of the parties involved, a description of the property being transferred, and the grantor's signature. When a property is sold or given away, the deed is the instrument that formally conveys ownership rights to the buyer or recipient, thereby officially completing the transfer.

In contrast, a lease pertains to the rental of property for a specified period, an assignment involves transferring rights or benefits from one party to another, but does not convey ownership, and a title refers to the legal rights to property ownership. Thus, deed is the precise legal term associated with the transfer of property ownership.