Bequeath refers to the act of leaving personal property to beneficiaries through a will. Unlike 'devise,' which typically refers to the transfer of real property, 'bequeath' is used exclusively for personal property.
A bequest is the act of giving personal property or financial assets to an individual or organization through the provisions of a will.
A Bill of Sale is a written instrument that serves as a legal document transferring ownership of personal property from a seller to a buyer. It is commonly used for transactions involving items such as furniture and portable appliances.
Built-ins refer to appliances, machinery, and other equipment that are constructed as part of a building rather than being freestanding and movable. These items are typically considered real property upon the sale of real estate.
Chattel refers to personal property that is tangible and movable, distinguishing it from real estate, which is immovable. It includes items such as furniture, automobiles, and jewelry.
A chattel mortgage involves the pledge of personal, movable property as security for a debt. This arrangement allows borrowers to use specific personal assets to secure financing.
Corporeal refers to tangible, visible physical property. It encompasses both real and personal property that can be seen and touched, such as buildings, fences, and pavement, as opposed to intangible assets like easements.
Emblements refer to growing crops which are considered to be personal property. This concept primarily applies to tenant farming wherein a tenant has the right to harvest crops even after the lease on the land has expired.
An estate encompasses the degree, nature, and extent of interest that a person has in real property as well as all their property, real or personal, that they own and leave at death.
Fixtures Improvements refer to personal property that has been attached to the land in such a manner that it becomes part of the real estate. Decisions regarding whether an item is a fixture often involve assessments of intent, method of annexation, the relation of the parties, and the adaptation of the article.
A garage sale, also known as a yard sale, tag sale, or moving sale, is a casual event where individuals sell used goods from their home, usually from their garage, yard, or driveway.
Personal property, also referred to as personalty, is any asset other than real estate. It includes items that are movable and not affixed to or associated with the land.
Personalty refers to all property that is movable and not fixed to land. It is distinct from realty, which pertains to real estate and immovable property.
Section 1245 of the Internal Revenue Code (IRC) pertains to gains from the sale of depreciable personal property and mandates that depreciation recapture occurs, treating a portion of the capital gains as ordinary income.
A testament is a legal document that articulates an individual’s wishes about how their personal property should be distributed after their death. The terms 'will,' 'testament,' and 'last will and testament' are often used interchangeably.
