When it comes to property most people think of land or buildings but there are two main types: personal property and real property. Though they both fall under the umbrella of “property,” there are some key differences between the two.
Here’s a look at the major distinctions between personal and real property
Personal property
Personal property is any type of movable property that is owned by an individual. This includes items like clothing, furniture, cars, jewelry, art and more. Basically, if you can pick it up and move it, it’s considered personal property. One of the key things to remember about personal property is that it can be easily sold or transferred to someone else.
In legal terms, there are two main types of personal property: Tangible property is something that you can touch or see, such as a painting or a sofa. Intangible property is something that you can’t touch or see, but which has value nonetheless – such as a copyright or a debt.
Most personal property is classified as either ‘household goods’ or ‘effects’. Household goods are items that are used for day-to-day life in a home, such as furniture, appliances and clothing. Effects are personal items with sentimental value, such as photographs, books and jewellery.
When it comes to buying or selling personal property, there are a few things to bear in mind. Firstly, it’s important to get a realistic valuation of the item in question. This can be done by taking it to a professional valuer, or by researching similar items online. Secondly, if you’re selling an item of personal property, you will need to make sure that you have all the necessary paperwork in order – such as a sales contract and proof of ownership. Finally, if you’re buying personal property from someone else, it’s always a good idea to get a receipt to confirm the transaction.
Personal property can be a valuable asset, so it’s important to make sure that it’s adequately protected. By following the above advice, you can help to ensure that your personal property is safe, secure and properly insured.
Real property
Real property, also commonly known as land or real estate on the other hand, refers to anything that is permanently attached to land. This includes buildings, trees, minerals, and more. Real property is much harder to sell or transfer than personal property because it is not easily movable, meaning it cannot be moved without damaging it..
There are several different types of real property, each with its own unique characteristics. The most common type of real property is residential property, which is used for living purposes. Commercial property is used for business purposes, such as office space or retail stores. Industrial property is used for manufacturing or production facilities. Agricultural property is used for farming or ranching operations. And vacant land is land that is not currently being used for any purpose.
Real property can be bought and sold, leased, or rented. It can also be inherited. The ownership of real property gives the owner certain rights, such as the right to use the property, the right to develop it, and the right to sell it.
If you’re thinking about buying or selling real property, it’s important to visit www.jwbfamilylaw.com in order to understand the basics of this type of transaction. A real estate agent can help you navigate the process and ensure that everything goes smoothly.
Now that you know the key differences between personal and real property, you can better understand your rights as a property owner. It’s important to know what type of property you own so that you can better protect your investment.