What is the purpose of deeds of acquittance?

Deeds of acquittance serve the specific purpose of releasing a lien or claim on a property. When a lien is placed on a property, it indicates that there is an obligation, typically a financial one, attached to that property. Once that obligation has been satisfied, a deed of acquittance can be executed to formally acknowledge that the lien has been released.

This document provides legal assurance to the property owner that their property is free from the encumbrance of the lien, thus allowing them to enjoy unimpeded ownership and use of the property. Therefore, the deed operates as a crucial instrument in the management and transfer of property rights, ensuring that all parties are clear about the status of any obligations related to the property.

In contrast, while the other choices may relate to property transactions, they do not accurately describe the function of a deed of acquittance. For instance, transferring ownership of a property involves a deed of conveyance rather than a deed of acquittance. Similarly, claiming excess acreage or mortgaging property pertains to different legal processes that don't involve releasing a lien from the property.