Personal Property: Things that are tangible and movable, property that is not classified as real property, such as chattels. Title to personal property is transferred by way of a bill of sale, as contrasted with a deed for real property. Items of personal property frequently become the object of dispute between buyer and seller, most often due to whether an item is considered a fixture or due to the sellers attempt to substitute a similar item. Some cautious buyers insert a clause in their purchase contracts to the effect that the buyer will get the appliances as currently installed and used in the premises. A tree is real property while it is rooted in the ground, but when severed it is transformed into personal property. When lumber is assembled, however, and used as material to construct a house, it once again becomes a fixture or real property.

 

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Personal Property: Things that are tangible and movable, property that is not classified as real property, such as chattels. Title to personal property is transferred by way of a bill of sale, as contrasted wi . . . View Full Definition

Property Inventory: A list of personal property with corresponding values and initial costs often used to substantiate insurance claim and tax losses.

Real Property: Real property is what's more commonly known as real estate, or realty. A piece of real property includes the actual land as well as any buildings or other structures built on the land, the p . . . View Full Definition

Personal effects coverage : Additional car rental insurance covering loss of personal property from the rented vehicle.