Deeds are the legal document that transfers ownership of an asset to a new owner. Deeds are most commonly used to transfer ownership of property or vehicles between two parties. In some instances, deeds are also used to transfer ownership between entities that are not related. Deeds are a signed legal document that transfers ownership of an asset to a new owner.It's also important to note that a deed may transfer ownership of real estate or another intangible such as a trademark.Deeds are used commonly in land transactions and are also used in a wide range of other transactions. A deed is a legally binding document and it is a public document.