What is the primary definition of price in a transaction?

The primary definition of price in a transaction refers to the specific amount of money that is agreed upon and paid for a product, service, or property during that transaction. In a real estate context, this translates to the contract price, which is the figure specified in the sales contract that the buyer agrees to pay the seller. This price is determined through negotiations and reflects the terms of the sale at that point in time.

Choosing this definition emphasizes the transactional nature of price as it represents an actual agreed-upon value between two parties. While concepts like income generated from investments, total expenses, or estimated value after depreciation are related to financial and property assessments, they do not define the transaction price itself. Instead, they pertain to different aspects of financial analysis or property valuation rather than the concrete amount exchanged in a transaction.