Which term best describes the actual amount paid in a real estate transaction?

The term that best describes the actual amount paid in a real estate transaction is "Price." This refers specifically to the monetary figure agreed upon by the buyer and seller at the closing of the transaction. Price reflects the amount that changes hands and is typically documented in the sale contract and closing documents.

In contrast, "Value" is a broader term that encapsulates what a property is deemed worth, which can vary depending on factors like location, condition, and market conditions. "Cost" refers to the expenses incurred in the acquisition of a property, which may include closing costs, legal fees, and other financial considerations but does not necessarily equal the sale price. "Appraised Value" is the valuation arrived at by a professional appraiser, based on comparable sales, assessments, and other criteria. This figure may influence negotiations but does not represent the actual transaction amount, which is defined as the price.