Real Property and Personal Property ? Real Estate | Finance ...

Every residential real estate transaction has both real and personal property. It is therefore possible for real property to become personal property and personal property to become real

Real property is the land and therefore any improvements built upon it. In most cases it is so anything that would be affixed to or immovable Considered the country, this may occur naturally or by man. Here are some examples of what is commonly referred by and to Considered to be real property. Land, houses, trees, streams, wells, window treatments, and light fixtures, to name a few

Personal property is just about everything else that is not real Considered For example, plants may be either real or personal Considered, but those that are in pots would be personal property. All belongings in the house that are not Considered a fixture are so personal and are most often not included in the residential purchase agreement. Though, there are always exceptions to the rule and anything is negotiable. Sometimes negotiations will include some personal property to remain in the home at the close of escrow, seeking as furniture.

I advise homeowners who are considering listing their home for sale that fixtures as searched their prized chandelier hanging over their dinner table will be Transferred to the sale, if not otherwise noted in the listing agreement or residential purchase agreement. Everything is negotiable, it is vital to become educated or hire an agent that is well versed in all aspects of residential real estate transactions. A fixture is also something that it is customized to the property in such a way that removing it would be removing a part of the real property. It is important to note that though the law is very strict about what is personal and real, anything is negotiable. The most important thing a seller and his or her listing agent can do is when in doubt, exclude items for transfer to the applicable real estate contracts. As long as it has been agreed upon by both parties before the close of escrow, there is nothing to worry about. This is an area of ??real estate that is not always clearly explained to the buyer and seller and it can add unnecessary tension between the buyer and seller as well as added stress to agents and other third parties involved. It is always Advantageous to point out examples of real and personal property to buyers and sellers early in the relationship.

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Source: http://www.lovefinanceinfo.com/2012/03/real-property-and-personal-property-real-estate/?utm_source=rss&utm_medium=rss&utm_campaign=real-property-and-personal-property-real-estate

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