REAL VS PERSONAL PROPERTY Flashcards
PERSONAL PROPERTY
ALSO KNOWN AS PERSONALITY OR CHATTEL
EMBLEMENTS
Plants that are cultivated and harvested
FIXTURE
an object that was once personal property but is now firmly attached to the land in such a way that it is considered to be real property
CLOSE ASSOCIATION
conceptual linkage to real property, such as a garage door opener
ADOPTION
customization of personal property for use with real property, such as drapes cut for a window in a room with a vaulted ceiling
AGREEMENT
when the parties to a contract agree that personal property will remain with the real property (make sure to get this in writing
TRADE FIXTURE
personal property that is owned by and needed for a tenant’s business. It is not subject to the same rules of transfer as fixtures in general
SEVERANCE
the act of converting real property into personal property. You could say, then, that severance is the opposite of affixation
MARIA ACRONIM
great way to determine what is a fixture and what is not
Method of attachment
Adaptability
Relationship of the parties
Intent or intentions of the annexing party
Agreement
method of attachment
refers to how the potential fixture is installed
Adaptability
means that anything specifically adapted to the home (like window shades) or anything that is integral to the operation of the home (like a box air conditioning unit or a specially sized door) could be a fixture
Relationship of the parties
Refers to landlord-tenant relationships. When tenants install things in a home, they are allowed to take them when they leave, like a trade fixture
Intent
refers to the intent the homeowner had when they installed the item in question.
Agreement between the parties:
The contract trumps all, so whatever has been agreed upon by the parties to the transaction (IN WRITING) is what happens
