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HOMEBUYER'S JOURNAL
Serving the Real Estate Industry in Maryland, Virginia, Washington, D.C., Pennsylvania and the DelMarVa Shore.
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Real Estate Contracts >Personal Property
When you purchase a property, it usually includes the land and everything attached to it, such as buildings, trees, shrubs, etc. Most buyers are only interested in purchasing the real estate, not the owner's personal property. What happens when personal property has become a part of the real estate? Is it actually a "fixture" which will now convey to the buyer with the real estate?
There are three tests which usually need to be satisfied. Has the personal property been permanently annexed to the real estate? Is it intended to become part of the real estate? What is the local custom? Fixtures may include shades, heaters, ranges, screens, storm windows, lighting fixtures, etc. To save misunderstanding at the closing--and perhaps the sale--it is important that the seller spell out specifically in the sales agreement what will go to the buyer as part of the property.
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| Q |
In what U.S. home can you find the world's largest refrigerator magnet collection?
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| A |
Louise Greenfarb of Las Vegas, Nevada has 35,000 unique fridge magnets that she has been collecting since the 1970's. |
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Team Loni
Horizon Real Estate, Inc.
211 Broadview Avenue
Warrenton, VA 20186
Loni Colvin, Licensed Broker
Phone: 540-351-0001
Fax: 540-347-7934
E-mail: TeamLoni@mris.com
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