Deeds are legal documents that will usually grant a right to person or party, usually in regards to property. In generic terms, a property deed can be said to be a legal document which will grant the ownership and associated rights to particular individual or party.
Therefore, a property deed can also be used as evidence and proof of ownership in regards to to land and real estate. A property deed is often times referred to as a title deed, and depending on the provisions contained within, property deeds can also provide the holder of the deed with specific rights and/or privileges, not only only asserting ownership.
Property deeds are also the documents that are transferred in the sale of property as well, in order to provide for a legal document that will signify such transfer as being legitimate under the consideration of the law. Property deeds, aside for asserting the proper owner of the property, will also provide for description of the property.
The description is meant to be very specific, so as to avoid any possible confusion and thus, also avoid any potential legal situations. However, it is important to note that even though property deeds are indicative of ownership, the holder may not in fact the owner of the property. This is shown in the example of a person obtaining a loan or mortgage to purchase a home. In such a situation, even though the borrower is inhabiting the home, the bank or lending institution will be the legitimate owner of the home until the loan amount is paid in full. At this time, the property deed will be transferred to borrower, making him/her the true owner.