Please Sign Up For The Latest Listings and the Latest Real Estate News
Real Estate Contracts >Personal Property
When you purchase a property, it usually includes the land and everything attached to it, such as buildings, trees, shrubs, etc. Most buyers are only interested in purchasing the real estate, not the owner's personal property. What happens when personal property has become a part of the real estate? Is it actually a "fixture" which will now convey to the buyer with the real estate?
There are three tests which usually need to be satisfied. Has the personal property been permanently annexed to the real estate? Is it intended to become part of the real estate? What is the local custom? Fixtures may include shades, heaters, ranges, screens, storm windows, lighting fixtures, etc. To save misunderstanding at the closing--and perhaps the sale--it is important that the seller spell out specifically in the sales agreement what will go to the buyer as part of the property.
|
 |
| Q |
What is the most unusual maintenance project done once each year in the United States?
|
| A |
The Niagara Falls is shut down for maintenance every year in the fall by diverting the flow of water for 24 hours using a massive series of pipes constructed in 1837.
|
 See More Real Estate Trivia > |
|
|
|
- NUMBER1EXPERTS™ 
