In Virginia, what document transfers ownership of real property?

The correct answer is a deed because a deed is the legal document specifically designed to transfer ownership of real property from one party to another. It serves as evidence that the property has been conveyed and includes essential details such as the names of the parties involved, a description of the property, and the signature of the grantor (the person transferring the property).

In the context of real estate transactions, while a contract lays out the terms of the sale and the agreement between the parties, it does not itself transfer ownership; that is the role of the deed. A mortgage, on the other hand, is a document that secures a loan against the property but does not transfer ownership. An appraisal provides an expert opinion on the value of the property but does not pertain to ownership transfer either. Therefore, the deed is the definitive document that accomplishes the transfer of real property ownership in Virginia.