What does the term "title" refer to in real estate?

The term "title" in real estate refers specifically to a legal document that establishes ownership of a property. This document indicates who has the legal rights to the property and can include details about the property itself, such as boundaries and any encumbrances like liens or easements. Essentially, holding the title means that the individual or entity listed on the title has legal ownership and the right to use or transfer the property as per the laws governing real estate ownership.

Other options provided—such as the process of transferring property ownership, the history of ownership, or a document specific to manufacturing properties—are related concepts but do not define "title" itself. The process of transferring ownership is referred to as "conveyance," while the history of ownership is known as "chain of title." A document specific to manufacturing properties doesn't accurately explain what the term "title" encompasses as it applies to real estate in a broader context. Thus, the correct choice accurately captures the essence of what a title signifies in real estate transactions.