What is the term for the legal process of transferring property ownership?

The term that defines the legal process of transferring property ownership is "conveyance." This term encompasses the entire process required to transfer ownership rights in real estate from one party to another, which often involves drafting and executing a deed, settling any legal obligations, and recording the transaction with the appropriate governmental body.

Conveyance can occur through various methods, including sale, gift, or inheritance, and it is a crucial concept in real estate transactions, ensuring that the rights and responsibilities associated with property are lawfully passed from one individual to another.

In contrast, "lease" refers to a contractual arrangement involving the rental of property rather than permanent transfer of ownership. "Closure" is not a standard term recognized in real estate for ownership transfer; it is more often associated with finalizing transactions in different contexts, such as closing a business deal. "Transferability" refers to the ability to transfer property rights but does not specifically indicate the legal process through which that transfer occurs. Therefore, conveyance is the most accurate term to describe the legal process of transferring property ownership.