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Real vs. Personal Property 
At closing time, the last thing you want is a dispute over what goes with the
house and what doesn’t. But it isn’t all that unusual for a buyer to think a
particular item is included in the sales price, while the seller never had any
intention of including the same item! Classic examples include window
coverings, lighting fixtures and chandeliers. But just about anything
which might be construed by a buyer as being “part of the house” has the
potential for misunderstanding and disagreement.
Generally, the law says that anything which is part of the land or attached to
the house and is immovable, or can’t be removed without damage, or anything
which is incidental or appurtenant to the land is real property. Personal
property is basically everything else – the possessions you take with you when
you move.
The law recognizes the intent and manner with which an item is attached in
determining whether an article or fixture is real or personal property.
Built-in appliances are usually considered real property, while free standing
ones are usually personal property. If removing the item requires pulling
nails, it’s probably real property. If it can be unscrewed and removed
without leaving any damage, it might be an item ready to cause some
disagreement!
To avoid problems, both buyers and sellers should make detailed lists of any
items to be included in the sale before closing. As a seller, give your
list of items to be included to the closing agent. If there is something
you want to take with you, and it requires removing a screw or nail, put it in
the contract.
Remember, as with everything else in real estate, it’s all negotiable. If
there is a unique item you want included in your purchase, you may be able to
get it included at a reasonable price. Especially if the item won’t fit
in with the new home the seller is moving to.
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A. Dino Braz and BestNJProperties.com Serving You With Commercial, Investment and Residential Real Estate Information 24/7! We Also Offer Title Insurance, Mortgage Services, Credit Score Improvement, Loan Modification, Foreclosure Prevention, Short Sale and Mortgage Cancellation Services.
Simply email me at Dino@BestNJProperties.com or contact me by Cell 908-285-0263!
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