Glossary

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Real Property
There are basically two types of property: personal property and real property. Real property is commonly called real estate. It is land and buildings along with anything affixed to the land. Personal property is everything else. Looking at an example of the difference, consider a mobile home. A mobile home is delivered to a plot of land on wheels. The land is real property; the mobile home is personal property. There is a chance that the mobile home can change its designation by becoming immobile. By removing the wheels and securing it permanently to the land on a foundation, it is immobile. Some mortgage companies and banks will issue a mortgage on mobile homes if they have permanent skirting of bricks or block laid on a foundation. Furniture, fixtures and equipment are personal property.