What type of document does not convey ownership but is still essential in certain transactions?

The Certificate of Sale is a document that does not convey ownership but plays a crucial role in certain transactions, particularly in the context of property sales that occur through foreclosure. This document serves as proof that a property has been sold at a foreclosure auction but does not transfer the actual title or ownership of the property to the purchaser. Instead, ownership is typically transferred through a more formal document, such as a deed, after the conditions of the sale are satisfied.

In transactions involving foreclosures, the Certificate of Sale is important because it establishes that the sale has occurred and outlines important details about the transaction, including the winning bid amount. This document may later be used to obtain a Certificate of Title once all the necessary processes are completed, but on its own, it does not convey ownership rights.

In contrast, the other documents mentioned each have their specific purposes relating to ownership and property rights. A Closing Disclosure outlines the final terms and costs associated with a mortgage loan, detailing what the buyer owes and what funds are being disbursed. The Chain of Title refers to the history of ownership transfers of a property, providing insight into its ownership lineage. A Certificate of Title confirms rightful ownership of a property, thus establishing clear title, which is fundamental in property transactions.