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Index Spotlight Article Misc - Mortgage |
| Real Estate vs. Personal Property - Holding On to You Personal Property When You Sell |
| January 10, 2007 | |
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'Before you sell your home, it's important to determine the difference between real estate and personal property. Not everything in your home is considered to be your personal property. When it comes to selling your home, real estate refers to your land and everything attached to it. This list includes items such as a house, fence, detached garage, among other things. Personal property is usually considered anything you can carry away with you, or anything that isn't attached to the home. This includes items such as your clothes, your furniture, and your automobile and boat. Sometimes it's hard to distinguish which category applies to a certain item. The outcome is important because when you are selling your home, you are selling real property as well. Any property that is included with the purchase of a home must be included in the sales contract, otherwise it is automatically excluded. If you assume the item is yours, and in fact the buyer thought it was theirs, an obvious problem arises. Some areas where confusion commonly arises among sellers and buyers alike is carpeting, clotheslines, drapes, dryers, washers, built-in furniture, lamps, light bulbs, refrigerators, shades, stoves, ovens, and toilet seats. There are a series of tests to determine whether an item is personal property or real estate. The tests most commonly used include the method of attachment of the personal to the real property, whether it can be detached without damaging the real property, what its function is, and also the intent of the person who attached it. It is always highly recommended to work with a great real estate agent. Real estate agents are already armed with the experience to handle the personal property vs. real estate situation your real estate agent will be able to clearly specify in a sales contract what items are considered real or personal in your case. It would be beneficial to you to get with your real estate agent and put these details in writing before any confusion arises. Your real estate agent can also help you tell the difference between what is personal property and what is real estate, if you happen to have any questions regarding the matter. Most agreements will call for the real estate property to include all appliances with any exceptions to be specified directly. This also usually includes shades, drapes, shutters, carpets, and padding, as well as light fixtures. Common exceptions are throw rugs, special wall hangings, or expensive chandeliers. When it comes to personal property, prevention is the best method of action. Simply remove any issues from the negotiating table ahead of time, and make sure the details are very clear. If you exchange an expensive light fixture with a nice inexpensive fixture before you put your home on the market, you'll prevent any possible problems. What buyers don't see, they won't want. It's not uncommon for a buyer to write such a request into their sales agreement, so be prepared for that if a buyer takes a liking to a certain fixture. As with anything, if the deal is good, you might be interested in taking the offer even if the item would be considered personal property. ' Published by Joe and Colleen Lane, Realtors®. The Lane Real Estate Team services Tri City Wa Real Estate, Kennewick Wa Real Estate, Pasco Wa Real Estate, Richland Wa Real Estate, and surrounding Southeastern Washington Communities. by Real Estate vs. Personal Property About the Author |
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