Are Personal and Real Property Different?
Through my training I have come to understand many terms that had previously eluded me. Two of those terms, which on the surface appear very similar, are personal property and real property. The difference is subtle, but important when determining what items are staying with a property or what is going to be leaving when the sale is complete.
Personal property is broken down in simple terms to mean anything that is movable or unattached to the land. There can be tangible personal property (cars, yachts, championship rings or horses). Other personal property is intangible (stocks, notes, mortgages or leases).
The other type of property is that of real property and it is simply anything that is not-movable and attached to the land. This can include permanent plantings, such as trees, perennial flowers and grasses. Fixtures are also real property, because they are attached. Items that were once personal property, such as bricks, mortar and 2×4’s for a wall, can become real property once they have been made into a wall and now are part of the land.
Developments, including housing and other buildings are also considered real property and will convey with the property, because they are not able to be moved. Contact Nesbitt Realty to acquire your next dream real property and you can have a new place to put all of your personal property. Is this the year to step up and get the home of your dreams?
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What are buyers seeking?
A new Realtor.com® survey of more than 1,000 home shoppers revealed that privacy is no longer at the top of everyone’s list. More than 20 percent of home shoppers aged 55 and older cite having their own space as the driving factor of purchasing a home, followed by physical comfort and the stability of owning a home. Conversely, only 12 percent of buyers under the age of 55 cited privacy as their chief priority. 17 percent of millennial buyers placed family needs as their top priority when looking for a home, followed by stability (14 percent) and personal expression (13 percent).