A turnkey real estate transaction is when the owner makes all improvements needed for a future tenant to conduct business in the space prior to the buyer agreeing to close on the sale. Essentially, the tenant can move into the space and immediately begin conducting his or her business. Any construction or overhead to meet building codes or other laws have already been completed by the owner prior to the transaction. If it is a residential turnkey property, this could also include furniture and other fixtures being pre-installed into the space prior to the tenant moving in. A pre furnished condo would be a good example of this. An example of a business turnkey transaction could be an already established business owner selling his existing property and business name to a new owner.