What is the significance of the distinction between real and personal property?

Answer 1

Real property isn't moveable! Generally speaking, your house and your land are "real property".
Personal property is moveable. Your car, stereo, collectibles, etc. are personal property.

Answer 2

personal property

All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, patents, pets and season baseball tickets are all examples of personal property. Personal property may also be called personal effects, movable property, goods and chattel, and personalty. Compare real estate.



real property


Another term for real estate. It includes land and things permanently attached to the land, such as trees, buildings, and stationary mobile homes. Anything that is not real property is termed personal property.

Answer 3

In law, the word real means relating to a thing (from Latin res, matter or thing), as distinguished from a person. Thus the law broadly distinguishes between real property (land and anything affixed to it) and personal property (everything else, e.g., clothing, furniture, money). The conceptual difference was between immovable property, which would transfer title along with the land, and movable property, which a person would retain title to. (The word is derived from the notion of land having historically been "royal" property. The word royal — and its Spanish cognate real — come from the unrelated Latin word rex, meaning king.)

In modern legal systems derived from English common law, classification of property as real or personal may vary somewhat according to jurisdiction or, even within jurisdictions, according to purpose, as in defining whether and how the property may be taxed..

Answer 4

Real property is attached. EX...basketball hoop in the ground, fence, chandelier, house, hot tub hooked to plumbing, stove. Personal property are things that are moveable..rugs furniture and unattacked basketball hoop, above ground pool. Hope this helps..just remember if its difficult or damaging to take out is real property if its easily removable its personal.

Answer 5

Personal property is defined as something you can prove belongs to you. Your toothbrush, clothes, shoes, jewelry, hair gadgets, etc. Real property is something that is there but more than one person may own it. The house, or property. If it is a divorce, the car, stereo, furniture is also considered real so that it can be divided equally. This will vary from jurisdiction to jurisdiction.