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A deed is any document affecting title, that is, proof of ownership, of the land in question. The land may or may not have buildings upon it. Common types of deed include conveyances, mortgages, bonds, grants of easements, wills and administrations.
Conveyances are transfers of land from one party to another, usually for money. Early forms of conveyance include feoffments, surrenders and admissions at manor courts (if the property was copyhold), final concords, common recoveries, bargains and sales and leases and releases.
Lease and release was the most common method of conveying freehold property from the later seventeenth century onwards, before the introduction of the modern conveyance in the late nineteenth century. The lease was granted for a year (sometimes six months), then on the following day the lessor released their right of ownership in return for the consideration (the thing for which land was transferred from one party to another, usually, of course, a sum of money).
Source: British Records Association Guidelines 3: How to interpret deeds (available online).