Definition of Personalty
Personalty, also known as personal property, encompasses all property that is movable and not permanently fixed to land. This term is used in contrast to realty, which includes immovable property such as real estate. Personalty can be tangible, such as furniture and vehicles, or intangible, such as stocks and bonds.
Examples of Personalty
Personalty can include a wide range of properties. Here are a few examples:
- Appliances not permanently attached to real property: These include household appliances like refrigerators or washing machines that can be moved.
- Cash and securities: Monetary assets and investments, such as stocks, bonds, and cash in bank accounts.
- Furniture and household items: Moveable objects in a house including sofas, tables, and decorations.
- Mobile homes not permanently affixed to a site: Mobile homes that are on wheels or have not been permanently set on a foundation.
- Vehicles: Includes cars, motorcycles, and boats that are designed for transportation.
Frequently Asked Questions (FAQs)
What distinguishes personalty from realty?
Realty refers to real estate or immovable property, such as land and buildings attached to the land, while personalty includes movable items that are not attached to land.
Is a mobile home considered personalty or realty?
A mobile home that is not permanently affixed to a site is considered personalty. If it is permanently affixed, it may be classified as realty.
Can personalty be both tangible and intangible?
Yes, personalty can include tangible items such as vehicles and furniture, as well as intangible items like stocks, bonds, and bank accounts.
Do appliances always count as personalty?
Appliances count as personalty if they are not permanently affixed to real property. Once installed permanently, such as built-in kitchen appliances, they may be considered part of the realty.
How is personalty taxed compared to realty?
Personalty and realty are often subject to different tax implications. Personal property may be subject to personal property taxes while real property is usually subject to real estate taxes.
Related Terms with Definitions
- Chattel: A term synonymous with personalty, referring to movable property which is distinct from real estate.
- Realty: Refers to immovable property such as land, structures permanently attached to the land, and improvements thereto.
- Intangible Personal Property: Personal property that cannot be physically touched, like stocks and bonds.
- Tangible Personal Property: Physical items such as furniture, vehicles, and other movable objects.
Online Resources
References
- “Real Estate Principles: A Value Approach” by David C. Ling and Wayne R. Archer
- “Principles of Real Estate Practice” by Stephen Mettling and David Cusic
Suggested Books for Further Studies
- “Modern Real Estate Practice” by Fillmore W. Galaty and Wellington J. Allaway
- “Real Estate Law” by Robert J. Aalberts and Bruce Harwood
- “Real Estate Principles” by Charles F. Floyd and Marcus T. Allen
- “Real Estate Finance and Investments” by William B. Brueggeman and Jeffrey D. Fisher
