A real estate transaction is the process of buying or selling property, such as land or buildings. This involves several steps, including negotiations, inspections, and financing. Both the buyer and seller typically work with professionals like real estate agents and attorneys to ensure a smooth process. During a real estate transaction, a purchase agreement is created, outlining the terms of the sale. Once both parties agree, the transaction moves to closing, where ownership is officially transferred. This process may also involve title searches and appraisals to confirm the property's value and legal status.