Real Property
Movable property that is not permanently attached to land — furniture, vehicles, appliances, and other possessions.
Personal property (also called chattel or personalty) is any property that is not real property. It includes movable items such as furniture, electronics, vehicles, clothing, and unattached appliances. The distinction between personal property and real property matters in real estate transactions because the purchase contract typically covers real property and fixtures, personal property is excluded unless specifically listed. A bill of sale transfers personal property; a deed transfers real property.
Exam Tip
If it's attached = fixture (real property). If it's movable = chattel (personal property). The contract should clarify any borderline items.
Study Guide
Real Property
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Practice
NY Real Estate Real Property
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