What document formally conveys property ownership from one party to another?

The document that formally conveys property ownership from one party to another is the deed. A deed is a legal instrument that provides the evidence needed to prove a person's right to own and transfer property. It includes details such as the names of the parties involved, a description of the property, and is usually signed by the grantor (the party transferring ownership). Once executed, a deed must typically be recorded with the appropriate government authorities to provide public notice of the transfer.

Title insurance, while important for protecting against potential claims to ownership, does not itself effectuate a transfer of ownership. Similarly, a lease agreement establishes a tenant's right to use property but does not transfer ownership. A purchase agreement outlines the terms and conditions of a sale but does not formally transfer ownership until a deed is executed. Thus, the deed is the correct answer as it is the specific document required to officially transfer ownership rights in real property.