Understanding Personalty: Personal Property Essentials and Examples

What is Personalty?

Personalty refers to personal property, which encompasses all property that is not classified as realty (real property). Essentially, personalty includes movable items that are not permanently affixed to the land or buildings. In contrast, realty consists of properties like land and structures that are immovable.

Examples of Personalty

Here are some everyday examples of personalty to help you better understand this concept:

• Appliances Not Permanently Attached to Real Property: Dishwashers, microwave ovens, and refrigerators that can be detached and moved from one home to another.
• Cash and Securities: Physical currency, stocks, bonds, and other financial instruments that represent value but are not tied to physical real estate.
• Furniture and Household Items: Chairs, tables, beds, kitchenware, and decorative items that can be easily transported.
• Mobile Homes Not Permanently Affixed to a Site: Prefabricated homes that remain moveable and are not solidly attached to a foundation or land plot.
• Vehicles: Cars, motorcycles, boats, and other means of transportation that can be relocated with minimal effort.

Simplified Glossary

• Personalty: Personal property, which is movable and not permanently fixed to the land.
• Realty: Real property, which includes land and any structures attached to it.
• Chattel: Another term for personalty; movable items owned by an individual.

FAQs About Personalty

Q: What differentiates personalty from realty?

A: Personalty refers to movable property that isn’t fixed to the land, while realty includes immovable property like land and structures built upon it.

Q: Can a mobile home be considered personalty?

A: Yes, if the mobile home is not permanently attached to a site, it is considered personalty.

Q: Is cash regarded as personalty?

A: Yes, cash, along with other financial instruments like stocks and bonds, is categorized as personalty.

Q: Are appliances in my rented home considered personalty?

A: Generally, if the appliances can be moved (like a microwave), they are considered personalty. Built-in appliances, however, may be treated as part of the realty.

Related Terms: Chattel, Real Property, Movable Property.