In the context of real estate, what is 'personal property'?

'Personal property' refers specifically to movable assets that are not permanently affixed to real estate. This is an important distinction in real estate terminology, as personal property contrasts with real property, which includes land and anything permanently attached to it, like buildings and fixtures.

Understanding the definition of personal property is essential for transactions involving real estate because it can influence what is considered included in the sale or lease of a property. For example, furniture, vehicles, and even certain equipment are classified as personal property, and their transferability must be clearly defined in contracts to prevent disputes between buyers and sellers.

This understanding differentiates personal property from items that may be considered fixtures or part of the real estate transaction, which refers to items that are meant to stay with the property once sold. As such, knowing what constitutes personal property helps in accurately assessing the scope of a real estate deal.