What document is essential for promoting property ownership transfer?

A deed is essential for promoting the transfer of property ownership because it serves as the legal instrument that formally conveys title from one party to another. The deed contains important details such as the names of the parties involved, a description of the property, and the signatures of the grantor (the person transferring the property) and typically a witness. It is a crucial step in the property transaction process as it is the document that is recorded in public records, providing evidence of ownership.

In contrast, a lease is primarily used for rental agreements, allowing a tenant to occupy property for a specific period without transferring ownership. An amortization schedule is a financial tool showing the breakdown of loan payments over time and is not related to property ownership transfer. A title insurance policy offers protection against potential disputes or issues regarding the title of the property but does not itself facilitate the transfer of ownership. Thus, the deed is the formal document necessary for such transactions.