The terms of real estate and personal property have often been confused as to what exactly they mean. Here we will clarify it for you. We will examine the terms personal property, real estate, land, real estate, and lastly, real estate.
Let’s start with personal property. Personal property, also known as personal property, is anything that is not real property. Example layers, televisions, things of this nature. The pronounced emblems (M-blee-ments) are things like crops, apples, oranges, and berries. Emblems are also personal property. So when you are going to sell your house, flip or wholesaling, you sell or transfer the property using a bill of sale with personal property.
Realty is the broad definition of land, real estate, and real estate.
The earth is everything that mother nature gave us, such as what is under the earth, above the earth and the airspace. Also called subsurface (underground), surface (land), and airspace. So when you buy land that’s what you get, keep in mind that our government owns much of our airspace.
Real estate is defined as land plus any man-made improvements added to it. You know things like fences, houses, and driveways. So when you buy real estate, this is what you can expect to get.
Real property is land, real estate, and what is called a set of rights. The set of rights consists of five rights, the right to own, control, enjoy, exclude and, finally, dispose. So, basically, you can own, take control, enjoy, exclude others, and then dispose of your real estate however you want, as long as you don’t violate state and federal laws.
Finally, there are two other types of property that we must mention.
The accessory is personal property that has been attached to a property and is therefore now considered real property. So when selling to determine value, you would ask yourself “did you attach it to make it permanent?” The exceptions to this rule are the garage door opener and the door key, these are not considered accessories.
Commercial fixtures are those installed by, say, a commercial tenant or may be owned by the commercial tenant.
Hope this clears up some misconceptions about personal property, real estate, land and real estate and now commercial fixtures and fittings.