In the realm of real estate transactions, the distinction between “real” and “personal” property is a frequent source of misunderstandings when buying or selling a home. Nationwide, real estate agents often find themselves in the role of referees, mediating situations fueled by these misconceptions. Such misunderstandings can escalate tension and, in some cases, jeopardize the success of a sale. A clear understanding of this differentiation is crucial for anyone involved in a real estate transaction.
In straightforward terms, “real” property encompasses the land and anything affixed to it, while “personal” property refers to items that can be moved. Real property, in essence, comprises the dwelling itself and additional structures like detached garages or barns. It also extends to fixtures within the home, such as lighting, faucets, built-in appliances, garage storage or racks, and even curtain rods.
“Personal” property, being moveable, would usually include everything else. A refrigerator that is not considered a built-in could be included on this list. So would a free-standing BBQ Island, or a mounted TV. As you can see, some of these items may be controversial if there is not a clear understanding about what the seller intends to take with them when they move in the contract.
A recommended approach for sellers is to meticulously outline in the contract any items they intend to retain, particularly those that might cause confusion. This ensures a transparent understanding between both parties regarding the sale. By doing so, the buyer avoids any surprises, such as planning a family barbecue on moving day only to discover that a crucial item is no longer available.
If you’re looking to buy a new home in Minneapolis, Saint Paul, or the surrounding areas, please feel free to call, text, or email Shannon at your earliest convenience.
Shannon Lindstrom, Realtor®, CDRE ™, CRS, GREEN, MILRES, MRP, VCA
RE/MAX Results
Direct: 612-616-9714
[email protected]
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