The transfer fees in football are when one club A buys B footballer for sayin Kakas case. Real Madrid paid A.C.Milan the transfer fees for Kaka. a total of 56 million pounds . This is called a transfer fee.
A player has contract on a club. Suppose Torres had 5 years contract on Liverpool. Chelsea bought Torres within that contract time so they had to pay transfer fee. Suppose torres moved to chelsea after the contract time was ended then Chelsea would not have to pay the transfer fee.
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http://en.wikipedia.org/wiki/Transfer_(football)
Emile Heskey
For Europe, it ends on February. All countries or continents have different transfer season. Like South America and Europe are different.
The earliest recorded transfer fee record was the £100 paid by Aston Villa in 1893 for Willie Groves.
The top transfer fee is 80 million pounds for Christiano Ronaldo , who was transfered from Manchester United to Real Madrid for 80, million pounds.