Which term is used for a party's acquisition of property through a legal transaction?

The term "Conveyance" refers specifically to the legal process of transferring the title of property from one party to another through a formal transaction. This can include various methods such as deeds, which document the transfer of ownership. The process is essential in real estate and property law, as it ensures that the transaction is legally recognized and that the new owner has the rightful title to the property.

In contrast, "Allocation" typically refers to the distribution of resources or properties, rather than the legal transfer of ownership. "Possession" relates to having physical control over a property but does not imply ownership transfer. "Acquisition" is a broader term that can denote gaining ownership but doesn’t inherently involve the legal process of transfer, making "Conveyance" the most precise term for a legal transaction regarding property ownership.