In real estate, the term indicates the act of transferring property ownership from one party to another. This transfer is typically accomplished through a legal document, such as a deed, which formally records the change in ownership. An example would be when a seller executes and delivers a deed to a buyer, legally transferring the title of the property.
The significance of this action lies in its ability to clearly establish and protect property rights. A properly executed transfer provides a clear chain of title, minimizing the risk of future disputes or legal challenges. Historically, the process has evolved from simple handoffs to complex legal frameworks designed to ensure fairness and transparency in property transactions.