Whether you are buying a home or selling a home, you can avoid completely unnecessary last minute disagreements at the closing table that can very well escalate into deal-breaking issues by understanding the difference between personal property vs. real property.
Avoid confrontation and issues by
itemizing what stays and what doesn't.
For Sellers: When you list your home for sale, you should be thinking of itemizing what "personal property" will be included in your home sale, and what commonly requested items will not be part of the transaction.
For Buyers: When you place your initial offer on the property, make sure and itemize all of the personal property that you wish to be included in the sale. Do not assume that everything stays.
Personal Property:
In regards to a real estate transaction, Personal property, generally speaking, is private or personal property or possessions that are"moveable"- that is, it can be easily moved from one location to another. Also referred to as "chattel or "personalty".
A few examples are as follows: Any appliances that is movable and not built-in. Blinds, drapes, curtains and curtain rods. Chandeliers, Light fixtures and/or Ceiling Fans.
Real Property
Generally, anything which is part of the land, or attached to the house and is unable to be moved, or cannot be removed without creating damage is Real property.
The intent and manner with which an item is attached is used in determining whether an article or fixture is real or personal property. If removing the item requires pulling nails, it’s probably real property. (This does not include picture hangers). If something can be unscrewed and removed without leaving any damage, it might be a good idea to discuss this when negotiating the offer.
A few examples of Real Property:
Built-in microwave, built-in wall oven, an air-conditioning unit that has been built into the wall, a shed on a concrete slab, or a swingset.
......and a little story
I remember conducting a final walk-through with a buyer client a few years back, and everything seemed to be in order as far as I was concerned, and then all of a sudden, my client went from bathroom to bathroom checking the house, and came to me in a near state of panic, because there was no toilet paper in the holders . He thought it was a law that owners had to sell their homes with toilet paper. No, I am not kidding. He was furious until I let him know that there was no such law on the books.
He got over it, but something that seems so inconsequential to you it could really make life miserable for everyone involved.- and while we are on the subject of some of the smaller things, leaving light bulbs is not mandatory either.
Bottom Line: If it's important to you, put it in writing
so there are no mis-impressions or misunderstandings.
As with everything else in real estate, remember, it’s all negotiable. If there is a unique item you want included in your purchase, ask for it. If you are selling, and the chandelier in the dining room has sentimental value to you, it's best to replace it BEFORE your home goes on the market. That way it won't ever become a bone of contention.
If you have a question about buying or selling Real Estate in Fairfield County, and are in need of representation, I invite you to contact me, and if you have an idea for a topic that you would like to see on The CT Realty Blog, please include it in the "Post a Comment" section link below this post. We appreciate the feedback and look forward to providing you with the best real estate content, advice and service in Fairfield County, Connecticut.