What is known as the actual price a property sells for?

The actual price at which a property is sold is referred to as the market price. This term specifically reflects the final transaction value agreed upon between the buyer and seller. It can fluctuate based on various factors such as negotiation processes, market conditions at the time of sale, and the specific circumstances surrounding that transaction.

In contrast, market value represents an estimate of the property's worth based on comparable sales and other valuation methods, not necessarily the amount someone is willing to pay. A material fact involves important information that could influence a party's decision in a transaction but does not pertain to the sale price of a property. A mechanic's lien is a legal claim against a property for unpaid work or materials, which again does not relate to the sale price itself. Understanding the distinction between these terms is crucial in real estate as it helps clarify various financial aspects and implications of property transactions.