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Hints & Insights -
Real Property
vs. Personal Property |
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When
selling or buying a home, you need to think ahead about what
you are actually selling along with the property and the
house. |
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The general
rule is, "if it attached to the structure or the ground, it
is real property and stays with the house." |
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This
confuses some people, especially when selling their first
house. |
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For
example, as a renter you may have been used to removing your
curtains and taking them with you when you move. Since they
are probably "attached" to the wall in some manner, the
buyer may assume all window coverings are staying with the
house. |
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This can
cause a disagreement. Disagreements in real estate spread
like viruses, moving from minor issues to more major
issues. Emotions rule and logic melts away like a scoop of
vanilla ice cream on a black asphalt playground in August.
It can become an ugly sticky mess. |
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Disagreements have the potential to become "problems" --
except that in real estate, problems don't exist. We have
"challenges" instead. |
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If your
Realtor refers to something as a "challenge" -- you may have
a problem. |
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So if you
want to take your curtains with you, put it in the
contract. Don't "assume" anything... |
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...because
buyers and sellers can argue about the silliest things. |
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Believe it
or not, there is a story about how a deal fell apart because
the buyer wanted the sellers to leave the welcome mat. It
must have been a really nice welcome mat. Normally,
sellers are free to take their welcome mat with them when
they move. |
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Another
incident involved the gas logs in the fireplace. The
sellers wanted to take them and the buyers wanted them left
with the house. Normally, gas logs stay with the
fireplace. Real wooden logs you are free to take with you
when you move. |
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Chandeliers
are another common argument point. |
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The point
is that you need to think about these things in advance. If
you have to unscrew a screw, claw out a nail, detach
anything from the interior or exterior structure, or uproot
anything from the ground -- and you want to take it with you
when you move -- put it in the contract. That way there are
no possible misunderstandings later. |
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It doesn't
hurt to go through the house "room by room" with your agent
so that all possible challenges are handled in advance. |
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.©
copyright December 2002
by RealEstate ABC |