As the property market becomes more global, so too have certain differences between national property markets become apparent. The role of institutions has long been acknowledged within economic theory. It is safe to say that today there is a joint view among most institutionalists that institutions can be divided into those that are formal (laws, rules, etc.) and those that are informal (norms, religion, etc.). Institutions derive from historical heritage and are encapsulated and coded with information of past experiences and therefore are historically context specific. Transaction cost theory highlights how exchange is accompanied by several different costs. In conclusion, institutions involving both formal and informal activities surround the property market. However, the formal aspect of institutions is particularly important for property conveyances, as homes to a large extent have been transformed into economic concepts.