Question

What is the difference between Real Property and Personal Property? Define each and compare and contrast.

Answer 1

Anything that can be moved is Personal property It’s anything that can be subject to ownership, except land.

Real property is property that cannot be moved. It is land and anything that is attached to the land.

Property can easily be classified as either personal property or real property because the difference between the two is usually straightforward, but sometimes it’s a little more difficult to distinguish between the two.

For example, if you were to go to Lowes and buy lumber, a hammer, and other tools that you will need for a job, this will be considered personal property. It is moveable and belongs to you.

However, once you use the property to build a shed in your backyard, the shed is considered to be real property. Because it is attached to and is now a part of your land. Whatever building supplies you have leftover will be considered personal property, but the shed is not.