Which of the following describes the purpose of a deed?

The purpose of a deed is to transfer ownership rights of real property from one party to another. A deed is a legal document that conveys title, meaning it officially signifies that the ownership of the property has changed hands. When a seller (grantor) executes a deed to a buyer (grantee), the deed serves as evidence that the buyer has received ownership rights to the property. This transaction is fundamental in real estate as it establishes legal ownership and the rights associated with it.

Regarding the other options, they relate to different aspects of real estate management but do not reflect the primary function of a deed. Property taxes are managed through tax assessments and billing, while property value assessments are typically conducted by appraisers for various purposes, including sales, financing, and tax evaluations. Summarizing lease agreements involves rental terms and tenant rights, which are distinct from the transfer of ownership associated with a deed.