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personal_property

Personal Property

Personal property is movable property that is not permanently attached to land or buildings.

Key Characteristics

  • Movable and not fixed to real estate
  • Also called chattel
  • Ownership transfers by bill of sale, not a deed
  • Does not run with the land

Examples

  • Furniture
  • Appliances (freestanding)
  • Vehicles
  • Clothing
  • Tools
  • Curtains and rugs

Personal Property vs Real Property

  • Personal Property
    • Movable
    • Not permanently attached
    • Transferred by bill of sale
    • Land and permanent improvements
    • Transferred by deed

Fixtures (Exception)

  • Items that were once personal property but became real property
  • Determined using the MARIA test
    • Method of attachment
    • Adaptability
    • Relationship of the parties
    • Intention
    • Agreement

Exam Tip

  • If it can be removed without damage, it’s likely personal property
  • Always check the purchase agreement for included items
personal_property.txt · Last modified: by reidjs