What is the common understanding of a real estate transaction?

A real estate transaction is fundamentally understood as an exchange that typically involves transferring ownership of property, whether real or personal, in exchange for money. This core principle emphasizes that the primary purpose of such transactions is the financial transfer associated with property ownership. While there are indeed various types of real estate dealings—ranging from residential homes to commercial properties—the essence of a transaction lies in this exchange.

This definition captures the broad spectrum of real estate activities, as it is not limited to just one type of property or one specific agreement type, like rentals. Transactions can include sales, trades, and leases among others, but the common factor among them is the underlying principle of exchanging property for monetary consideration.