What constitutes a sale in real estate?

The definition of a sale in real estate centers around the concept of transferring ownership of property from one party to another in exchange for a monetary value. This process is fundamental in real estate transactions, where a buyer acquires an interest in a property through the purchase from a seller.

A sale involves not only the agreement on price but also the actual transfer of the deed, which legally conveys the property from the seller to the buyer. This is a distinct act that represents a change in ownership rights, marking the completion of the sale transaction.

Other options present scenarios that do not fulfill the criteria of a sale. For example, a formal agreement between an agent and a buyer primarily pertains to the authority and responsibilities regarding the sale process rather than constituting the sale itself. A lease agreement, while related to property, deals with rental rights rather than a sale of ownership. Closing financial accounts related to the property may be part of a transaction process, but it does not represent the act of transferring ownership, which is the essence of a sale.