A real estate transaction is the process whereby rights in a unit of property (or designated real estate) are transferred between two or more parties, e.g. in the case of conveyance one party being the seller(s) and the other being the buyer(s).
It can often be quite complicated due to the complexity of the property rights being transferred, the amount of money being exchanged, and government regulations.
Conventions and requirements also vary considerably among different countries of the world and smaller legal entities (jurisdictions).
Descriptions were performed both using a more simple format, a Basic Use Case template,[4][5] and more advanced applications of the Unified Modelling Language.
[12] Real estate transactions: subdivision, conveyance, and mortgaging, as they are performed in the five Nordic countries are described in some detail.