Property Ownership, Transfer of Title & Land Use 2 Flashcards
Example:
A house is an improvement, so if an agent is selling a house on a price of land there is no question that the house is transferring, but there may be plenty if questions about what’s inside the house. What about appliances, window coverings, lighting? Typically, anything that is permanently affixed and attached coveys
What is personal property?
Personal property is basically anything that is not real property.
Other words for personal property
Personalty
Chattel
Does personal property transfer?
No,unless there is a special agreement.
What constitutes as personal property?
Personal property is movable like the furniture and accessories inside a house.
What is a fixture?
A fixture is an article that was once personal property but has now become affixed to the land or a building so much so that now the law recognizes it as part of the real property.
What does annexation mean?
Annexation is another word for attachment.
Example of Annexation and personal property
A mirror that is glued to a wall will cause damage to the wall, and to the mirror if it is removed. The intentions was that it would be permanent. A mirror that is merely hanging on hook is not permanently affixed and attached, is still personal property.
Adapted to real property, is it being used as if its real property?
Example:
An appliance, like a fridge that specifically designed and placed into a custom kitchen to match the cabinetry is adaptability.
What is the Relationship between parties in regard to the real property?
In a court of law, tenants and buyers will be favored over landlords and sellers respectively. When putting a property on the market for sale, you always want to ask the seller, if you were a buyer and you toured through your home, are there any items you would assume would transfer with the property that you have no intention of leaving behind?
Example of which items will go and stay. Real vs personality
a commercie tenant who placed trade fixtures will need to be removed before the end of the lease. if they are not removed and the lease expires, the become real property.
What was the Intention of the annex?
If the person placing the item didn’t intend for it to be permanent, then they shouldn’t attach it in a permanent way.
Temporary intention; temporary means.
Permanent intention; permanent means of annexation.
Example of intention of annex
an island that has wheels and is still moveable is considered personal property.
If wheels are removed and grouted in the ground and the intention was to be permanent then it is considered real property
Does an agreement exist?
It is important to address items in the purchase agreement so all parties to the transaction are on the same page about what is conveying. Personal property transfers by a bill of sale and real property transfers by deed.
At times, there is an addendum to a purchase agreement that clarifies what personal property is to convey.
Agents must be very specific
Example of agreement
A listing may say that a new fridge is included. New is different than existing. Thee existing fridge may be a high end fridge that fits perfectly. Then when the seller moves out before closing it is replaced by a new fridge that is of lower quality. it still satisfies the contract if the qualifying word is “new” to avoid this take pictures and get serial number of existing appliances
