REAL PROPERTY vs. PERSONAL PROPERTY, WHAT’S THE DIFFERENCE?
September 20, 2017 | Richard Sites
Real property and personal property are two terms you will come across in your residential real estate transactions. What is the difference and why is it important? Let me explain.
When it comes to real estate transactions, to be safe there are three things you should do.
You should always use a real estate attorney. When I bought the home I currently live in I used one. When Tony Robbins plunked down $25 million for his oceanfront home do you think he used one? Why wouldn’t you?
They can be especially helpful when it comes to the issues of real vs. personal property.
Time is of the Essence
Florida, unlike some other states, is a “Time is of the Essence” state which means times and dates are concrete and violating them can put your deal in jeopardy.
If you are not going to use a real estate attorney, at least make sure you (and your agent) have a printed timeline of the contract times & dates to work from so you stay “in contract”.
In the excitement of finding a home and making an offer, emotions can often cloud your judgement. If you are not going to use a real estate attorney at least act like one. That is, move slowly and carefully and be specific.
Take plenty of pictures of the home you are considering and clearly ask in the contract for the items you saw and delete those that do not pertain to your deal. This will help you avoid problems later.
For help meeting your real estate goals, contact me using the form below. And visit my You Tube channel where there are several hundred videos on the Coastal Florida real estate market and our lifestyle. Enjoy the videos but be sure to subscribe so you don’t miss any new ones.