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. Lenders don’t like surprises…especially lately. And personal property, or anything that could easily be construed as personal property, can be a problem for you later on. Check with your agent to ensure that things are in writing and thoroughly explained in the purchase agreement. And remember, if you have that impulse to ask the seller to leave his flat screen or the motorcycle in the garage, keep in mind that your lender may very well stop those plans short. It’s best to keep a real estate deal to just real estate whenever possible.

 

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