Personal Property

Definition

Personal property is property that is not attached to real estate.

Purpose

Personal property encompasses movable items owned by an individual or entity, distinct from real estate or real property. It includes tangible items like furniture and vehicles, as well as intangible assets like stocks and bonds.

Examples of Use

• Household Goods: Furniture, appliances, and personal belongings in a home.
• Vehicles: Cars, boats, and bicycles.
• Intellectual Property: Copyrights, patents, and trademarks.

Related Terms

• Real Property: Land and anything permanently attached to it, such as buildings and structures.
• Chattel: Another term for personal property, particularly movable items.
• Fixture: An item that was once personal property but has been attached to real property in a way that it is considered part of the real estate.

Notes

• Taxation: Personal property may be subject to different tax rules than real property.
• Legal Distinctions: The distinction between personal and real property is important in legal contexts, such as estate planning and property disputes.