Glossary

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Personal Property
Personal property is any piece of property within the home that is movable. This might refer to appliances like refrigerators and washing machines. It might also refer to the furniture that adorns the home or the art that hangs on the walls. The personal property distinction is important. It is contrasted with real property, which refers to the land that the home sits on and the home itself. Certain fixtures in the home are considered a part of the real property and not a part of one's personal property. For instance, anything attached to the home, including the lighting fixtures, doors and windows, would be considered real property. Sometimes, personal property is not covered under home insurance policies, and it is typically not included with the real property in any sale. This is why the distinction is so important in the context of real estate sales.