David Saks: April 2008

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Fixtures : May We Keep The Chandelier ?

                                fixtures

A fixture is personal property that's been appended to a building, property or some land in such a manner that it actually becomes part of the real property.

Usually, it's considered that if an item has been included as a permanent part of a building it's considered a fixture, like plumbing.

Laws govern the distinction.

We have what we call legal test for determing whether or not an item is a fixture or personal property.

These tests may include:

1. How permanent is the thing that's attached to the property? Usually this is referred to as the method of annexation.

2. How are they using the item? Are they using it as personal property or real property? This is sometimes called adaptation to real estate.

3. Have your seller and buyer agreed as to whether or not an item is personal property or real estate in the offer to purchase? This is called the test by agreement.

What kinds of experiences have you had with the legal tests for fixtures or personal property, and can you think of any other tests for determining whether or not an item is a fixture or personal property?

 




David Saks



Time&Temp Memphis

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Comment balloon 9 commentsDavid Saks • April 27 2008 02:01AM
Fixtures : May We Keep The Chandelier
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