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REAL PROPERTY vs.
PERSONAL PROPERTY
The law states that anything that is not
real property is personal property. Real property consist
of: -
land -
that which is
affixed to the land -
that which is
appurtenant or incidental to the land -
that which is
immovable by law Personal
property is movable. Examples of personal property include money,
furniture, cars, mortgage etc.
Other distinctions between real and personal property: Contracts involving the sale of real property must be in writing and signed by a person whose title is being transferred. In the sale of some personal property, the transaction does not need to be in writing. Personal property when sold is usually transferred by use of a bill of sale such as invoice, receipt etc. Real property is transferred by a delivery of a written contract called ?deed?. |