If you`re looking to sell your real estate property, you may have heard of the possibility of adding personal property to the contract. In this article, we`ll discuss what personal property is, how it differs from real property, and the benefits of including it in the real estate contract.
What is Personal Property?
Personal property refers to movable items that are not permanently attached to the property. This includes items such as furniture, appliances, and other movable fixtures. Personal property can be easily removed from the property, either by the seller or the buyer.
What is Real Property?
Real property, on the other hand, refers to immovable property that is permanently attached to the land. This includes land and any buildings or structures that are built on it.
What Are the Benefits of Listing Personal Property in the Real Estate Contract?
There are several benefits to listing personal property in the real estate contract. Here are a few:
1. It can add value to the property: Including personal property in the real estate contract can increase the perceived value of the property. For example, if the seller is including high-end appliances or furniture, this can make the property more attractive to buyers and potentially increase the final sale price.
2. It can simplify the buying process: When personal property is included in the contract, it eliminates any confusion or disagreements that could arise about which items are being sold with the property and which are not. This can simplify the buying process and make the transaction smoother and less stressful for both parties.
3. It can save time and money: If the buyer wants specific items to be included with the property, negotiating those items separately can be time-consuming and costly. By including them in the contract, the buyer and seller can avoid the need for additional negotiations and legal fees.
4. It can reduce liability: Including personal property in the contract can also reduce the seller`s liability. If the buyer claims that certain items were included in the sale but were not delivered, the contract can be used as evidence to determine whether or not those items were part of the sale.
In conclusion, including personal property in the real estate contract can add value to the property, simplify the buying process, save time and money, and reduce liability. If you`re considering selling your property, it`s worth discussing the possibility of including personal property in the contract with your real estate agent.