The first important difference between real estate markets and the perfect competition theory is that the real estate market can be divided into a number of sectors: office, retail, industrial, and residential. This chapter outlines how the specific characteristics of the real estate market set the overall rules governing the market. It concludes with a conceptual model of how the conveyance process has different stages. First, a review of different legal systems will be presented. Second, a short exposition of the specific characteristics of the real estate market will be given. Third, and last, the conceptual model of conveyances on the housing market will be outlined and presented. Different legal systems have different prerequisites to confirm it as legally valid. After taking the property in possession and the purchase has been registered, the transaction can still be associated with costs.