Q: What are the kinyanim (acts of acquisition) for real estate?

A: Real-estate transactions are finalized either through cash payment (kesef), document of sale (shtar), or act of possession (chazakah).

Kesef: The buyer gives the seller money — whether full, partial or even token payment — with intent to thereby consummate the sale (C.M. 190:2). A personal check, bank check or authorized check from a third party is considered kesef by many poskim. However, giving the “earnest money” (good-faith deposit) is not a kinyan, because it is only intended to serve as a deposit, not to finalize the sale (ibid. 190:9).

Shtar: The seller gives the buyer a document that states that he hereby sells the property to the buyer (ibid. 191:1).

In principle, each one of these three actions can suffice independently. However in typical situations, both kesef and shtar are required, because the buyer and seller do not intend for the sale to be irrevocably binding until both the payment is made and the documents are given over (ibid. 190:7; 191:2).