What Goes and What Stays When a Real Estate Transaction Closes
It’s a familiar story that happens more often than you think. Buyers and sellers in San Diego don’t always see eye-to-eye regarding what conveys when a property transaction closes.
Buying or selling a home can be stressful. And it’s even more stressful when buyers and sellers are unclear about who gets to keep the TV, drapes, or the $10,000 water feature in the front yard. A buyers going to be pretty upset if they thought they were getting something and come to find out, they in fact, are not.
Watch to find out the difference between fixtures and personal property, and what home sellers can take with them when they go.
How to Determine If a Fixture or Personal Property
A fixture is anything that is permanently attached to a structure whereas personal property (or chattel) is easily moveable and generally goes with the seller. The MARIA test helps determine whether something is a fixture or personal property.
Method of attachment i.e. how was it installed (nail, bolted, removable)
Adaptability i.e. protective cover to a built in bbq grill (it goes with the pool)
Relationship i.e. buyer and seller versus tenant and landlord
Intention i.e. is it meant to stay forever
Agreement i.e. do all parties agree on what is a fixture what is not
Always speak to your Realtor® for clarity and always have your Realtor® write everything you want into the contract, because, everything is negotiable!