Definition
The legal document that transfers ownership of real estate from one party to another and is recorded with the county. It names the owners and how they hold title. It is distinct from the mortgage, which is the loan secured by the property, and from the title, which is the legal right of ownership the deed conveys.
Why it matters
Whose name is on the deed decides who owns the home, who can sell or borrow against it, and what happens when an owner dies. Being on the mortgage without being on the deed means owing the debt with no ownership, and the reverse is possible too.
Example
A couple buys a $400,000 house; both names go on the deed as joint tenants with right of survivorship, but only the higher-earning spouse is on the $320,000 mortgage. If that spouse dies, the survivor automatically owns the whole home, though the $320,000 loan still has to be paid to keep it.
Put it into practice
Related terms
This definition is educational, not financial, legal, or tax advice. U.S. rules and limits change; verify time-sensitive details with official sources. See our disclaimer.