There sometimes is confusion between the terms real property and personal property. Especially when it comes to real estate. The legal definition for real property, taken from The Free Dictionary By Farlex is:
1) all land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), and anything growing on the land…
Let me give an example:
Modular Homes
When a modular home is placed on a foundation and the wheels have not been removed from its frame it is still considered personal property.
On the other hand when a modular home is placed on a foundation, permanently fastened to that foundation, and the wheels are removed, the modular home becomes real estate.
Confused?
Here is anoth
er example.
A picture you hang on the wall with a nail and you hang the picture on the nail, the nail becomes real estate and the picture is personal property.
When you screw the picture directly onto the wall, like some restaurants do to make sure the pictures are not getting stolen, the picture now becomes real estate.
As a seller you need to keep in mind and understand the difference between real property and personal property especially when you are planning on selling your home and you would like to keep certain items such as light fixtures or shelving for example.
Anything that is permanently fixed to the land, or permanently fixed to the structure on the land, is real property. Everything else, not permanently attached to the land or structure, is personal property.
When you have questions feel free to contact the Settles Team.
When you have found the right person to room with, and the perfect home or apartment to make it work, you two still would have to pass the prying eyes of the landlord and get past the rental application process. When the application and screening process is completed and both of you have signed the lease agreement with the landlord, have you discussed or considered having a roommate agreement in writing between the two of you?