Real vs. Personal Property

Imagine this: You sell a house. The buyer moves in, excited to bake cookies, only to find the seller took the built-in oven with them. The buyer is furious. The seller says, "Hey, I bought that oven!" Who is right?This is why you must understand the difference between Real Property and Personal Property. This is the #1 cause of disputes between buyers and sellers.Everything in the world basically falls into one of these two buckets.1. Real Property (Real Estate) Definition: This is the land and anything permanently attached to it (improvements). The Test: If you turn the house upside down and shake it, Real Property is everything that does NOT fall out.Examples: The house itself, the toilet, the fence, the rose bushes.2. Personal Property (Chattel)Definition: Items that have a limited life and are easily movable. Also known as: Chattel or Personalty. The Test: If you shake the house, these are the things that fall on the ceiling. Examples: Furniture, cars, clothes, standalone microwaves, and the famously disputed "above-ground pool".