Real Property vs. Personal Property
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
The distinction between real and personal property is fundamental in real estate law. Real property includes land, buildings, and items permanently affixed, such as built-in appliances or fixtures. Personal property, on the other hand, consists of items that are not permanently attached and can be easily moved, such as furniture or clothing. This distinction determines how the property is transferred (deed for real property, bill of sale for personal property) and how it is taxed.
A house and the land it sits on are real property. A refrigerator that is plugged in but not built into the kitchen is personal property. If that refrigerator is built-in, it would be considered real property.
Think of the word 'immovable' when you see 'real property'. Also, remember that fixtures (items permanently attached) are considered real property even if they were originally personal property.
Related Terms
Practice Questions
A beneficiary deed in Arizona:
Which statement is TRUE regarding a life estate?
An estate in land vested in a grantee “until she marries” is properly classifiable as
In a physical sense, real estate may be said to include everything EXCEPT
Riparian rights are those rights possessed by
A landowner who sells a one-acre farm must
The loss of one’s real estate by the gradual wearing away of soil through the operation of natural causes is
The sale of real estate under a conditional installment sale gives the buyer (vendee):
Recording of deeds in Nevada is done at the:
In Ohio, which deed provides the greatest protection?
Related Concepts
A freehold estate represents ownership of real property with an indefinite duration.
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
A leasehold estate grants the right to possess and use property for a defined period of time, without conferring ownership.
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
A freehold estate conveys ownership rights, while a leasehold estate grants the right to possess and use property for a specific period without ownership.