What is the term used to describe the ability to transfer property ownership?

The term that describes the ability to transfer property ownership is marketability. Marketability refers to how easily a property can be sold or transferred in the market. If a property has good marketability, it means that the title is clear, there are no outstanding liens or claims, and the seller can legally transfer ownership without complications. This term is crucial in real estate transactions because it directly affects a buyer’s confidence in purchasing a property. If a property's marketability is high, it attracts more buyers, potentially leading to a quicker sale at a favorable price.

The other terms, such as value assessment, focus more on the worth of the property rather than its transferability. Title insurance is related to protecting against losses from defects in the title rather than defining ownership transfer itself. Equity refers to the ownership interest in the property, which is also distinct from the concept of marketability.