At Equity Real Estate we know that real estate terms can sometimes be confusing. We are going to share with you some common real estate terms and their meanings to help give you a greater understanding when you are trying to buy or sell a home.
*Fixtures: improvements or personal property attached to the land so as to become part of the real estate. Tests to determine if an item is a fixture include:
--intent on the parties (was it intended to remain?)
--method of annexation (how is it affixed?)
--relation of the parties (was it expected to be part of a tenant's business?)
--adaptation of the article (is it essential to the building?)
Example: Abel sells his house. The contract of sale includes all of the real estate. Baker, the buyer, believes that the ceiling fan in the dining room is a fixture, but Abel claims it as personal property.
At Equity Real Estate we are here to help you navigate the home buying and selling process. Give us a call with any questions!
*Barron's Real Estate Guides; Dictionary of Real Estate Terms