You may be confused about what the terms realty and personal property actually mean. Here we clean it right for you. We will look at the terms personal property, realty, land, real estate, and finally real estate.
Let’s start with personal property. Personal property, also known as chattel, is all immovable property. Example sofas, TVs things of this nature. Symbols (M-blee-ments) are things like crops, apples, oranges, and berries. Logos are also personal property. So when you go to sell your home, flip or wholesale, you sell or transfer your ownership of the personal property through a bill of sale.
Realty is a broad definition of land, real estate and real estate.
Land is what Mother Nature has given us below ground, above ground and above airspace. It is also called subsurface (underground), surface (waste), and airspace. So when you buy the land you find, be aware that our government owns a lot of our airspace.
Real estate is defined as land and the person adding improvements. You know things like fences, houses, and driveways. So this is what you can get when you buy real estate.
Immovable property is called land, real estate and bundle of rights. The Bill of Rights consists of five rights, the right to acquire, control, enjoy, alienate and finally dispose of. So basically, you can own, control, enjoy, alienate, and dispose of real estate as long as you don’t violate state and federal laws.
Finally, there are two other types of property worth mentioning.
A fixture is personal property that is related to realty and is now considered real property. So when you’re selling yourself to determine the price, ask yourself, “Are you attaching it to make it permanent?” Exceptions to this rule are garage door openers and door locks, which are not considered items.
Commercial Goods means goods installed by a commercial tenant or which may be the property of a commercial tenant.
I hope this clears up some misconceptions about personal property, realty, land and real estate and now furniture and commercial property!