PERSONAL PROPERTY AND REAL PROPERTY 2
Personal Property and Real Property
Property is anything, which can be possessed in a legal way. Legally, there two main
kinds of property; real property and personal property. Under the law, these two types are
treated in a different way. Personal property can be moved; it is anything, which can be
subject to possession other than land (Georgina, 2018). On the other hand, real property
cannot be moved; it is land and any other thing that is attached to land (Georgina, 2018).
Precisely, the personal property encompasses possessions of actually any kind, so
long as such possession can be moved and owned by a person. Notably, personal property is
not affixed or attached to land. Such movable possessions are sometimes referred to as
chattels. Moreover, it is imperative to point out that personal property encompasses both
intangible and tangible items. A tangible commodity is one, which can be touched or felt. For
a business, the tangible personal property includes things such as business vehicles, office
furniture, business equipment, and business goods. On the other hand, an intangible thing is
simply that one, which cannot be touched or felt. For any business, the intangible property
encompasses things such as intellectual property, bonds, and stocks.
The main difference between real property and personal property is that the real
property is permanently fixed to a single location. In that case, this includes land and any
other thing attached to the land. Moreover, it as well includes anything, which grows on the
land or found under the land. For any business, the real property encompasses immovable
things, which are owned by the business. Such things include land, mineral rights, buildings,
and crops among other things
