Introduction
Personal property refers to any movable item or intangible thing with a value that can be owned by an individual and is not in the category of real property. In law, personal property is also referred to as personality or chattels. However, in civil law, it is referred to as movables or movable property. In this case, it is a property that can be moved from one area to another, including physical objects like furniture and intangible assets such as stocks, bonds, or intellectual property, depending on legal classification.
What Is Personal Property?
It is easier for people to understand personal property than real estate, real property, and immovable property, such as buildings and land. Movable property refers to livestock never sold with the land (Baker et al., 2021). In this case, the livestock is personal property, which is not transferable to the land transaction. Personal property comes in various classifications, such as tangible and intangible assets. Personal property also depreciates faster than improvements.
How Is It Different from Real Property?
Personal property differs from real property because it is not permanently affixed to the land. It includes things like computers, tools, furniture, and equipment. Real property refers to things like fixtures and buildings that are permanently attached to the land or are immovable (Baker et al., 2021). Its taxes are assessed on utility, residential, industrial, commercial, and agricultural properties. Personal property is also movable, while real property is fixed in one area.
Conclusion
In conclusion, personal property and real property are different. While personal property means anything movable, real property refers to permanent things like land and immovable buildings. Personal property refers to things like computers, tools, furniture, and equipment, as they can be transferred from one area to another. Real property, including walls, houses, and doors, is permanent and attached to the land.
Reference
Baker, H. K., Filbeck, G., & Spieler, A. C. (2021). Investing in real estate: It’s Not just your home. The Savvy Investor’s Guide to Building Wealth through Alternative Investments, 87–122. Web.