When it comes to buying or selling a home, there are several important terms and concepts one should be familiar with, and one such term is “personal property.” Personal property is a crucial component in any real estate contract, and it is important to fully understand what it entails.
So, what exactly is personal property in a real estate contract? Simply put, personal property refers to any movable items in a home that are not permanently affixed to the property. This includes items such as furniture, appliances, curtains, and even some types of landscaping.
As a buyer, it is important to carefully review the personal property section of your real estate contract. This section outlines which personal property items will be included in the sale, and which items will not be included. For example, the home’s appliances, like the refrigerator or the oven, may be included in the sale, while the seller’s personal collection of artwork or a specific piece of furniture may not be.
As a seller, it is important to be clear on what personal property items you plan to take with you when you move out, and which items will remain in the home for the new owner. This can avoid any confusion or disputes down the road.
It is worth noting that personal property is separate from real property, which refers to the physical land and any permanently affixed structures on it, such as a house or garage. Real property is typically considered part of the sale, while personal property may or may not be included.
In some cases, personal property can be a negotiating tool in the home buying process. For example, a buyer may ask for certain personal property items to be included in the sale, such as a high-end sound system or a backyard grill. Alternatively, a seller may choose to include certain personal property items to sweeten the deal and make their home more attractive to potential buyers.
Overall, personal property is an important consideration in any real estate transaction, and it is important for both buyers and sellers to carefully review their real estate contracts to ensure that all personal property items are clearly outlined and agreed upon. Doing so can help avoid any confusion or disputes down the road, and ensure a smooth and successful home buying or selling experience.