All parties involved in a real estate transaction with no personal interest in the transaction or other involved persons.

A transaction between parties who have no pre-existing business or family relationships. All parties are considered to be in an equal bargaining position and to be acting in their own best interests.

Any transaction in which the two parties are unconnected and have no overt common interests. Such a transaction most often reflects the true market value of a property.

Any transaction in which the 2 parties are independent and have no obvious common interests

A colloquial description of a transaction where none of the parties are related to each other or have common interests -- they have each other at arms length. An arms-length transaction is generally at fair market value; in a non-arms-length transaction, the relationship between the parties may cause one or the other to accept less than they are entitled or pay more than fair market value.