Real Property Vs Personal Property

By
Real Estate Broker/Owner with California 55 Plus 01845716

While selling or purchasing a house, a number of minor issues may arise due to miscommunication between the parties. One of these issues is determining whether property is fixed or personal when it comes to selling a property. Knowing the difference between fixed (real) property which includes land and anything attached to the land versus personal property which is property that is movable, will help to minimize any confusion during the transfer of ownership. To reduce chances of facing such a problem while making a purchase, one must know the difference between fixed and personal property.

 

For more infomration on this topic, you can review the whole article here.

 

WHAT IS FIXED PROPERTY?

Fixed property consists of immovable items that the seller must pass on to the buyer of the property. Anything that comes under the following categories is considered fixed property: Items that are permanently fixed within the structure of the house like gas pipelines and fixed shelves and counters. Electronic home items or appliances that are built in like dishwashers and ceiling fans. Items, which if removed, you damage the overall appearance of the house like false ceilings and wooden floors. All these things are legally known as “fixtures” and it is considered the buyer’s legal right to get access to these.

 

WHAT IS PERSONAL PROPERTY?

Personal property consists of those individual pieces of property which are the home owner’s private belongings. The owner has complete possession of these items and may choose to do with them, whatever he/she pleases. Anything that comes under the following categories is considered personal property: Items which are self-supporting like lamps and aquariums. Items which are not connected to the interior of the house in any way like furniture pieces. Items which can be easily disconnected or detached like kitchen ovens and other electronic appliances. All these items are solely the property of those living in the house, and the buyer of that property has no right or ownership over any of these.

 

When in doubt, its important to consult your Realtor for direction and advice. If you are in need of a professional Realtor, please click here! We would love to serve you!    

 

 

Comments (2)

William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

it is very important to know the difference between real and Personal property ..Also what is fixed and what is not.

Jul 21, 2017 02:44 PM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is important information to share.

Have an outstanding weekend.

Jul 22, 2017 01:14 AM