Fixtures, related to real estate, are items that were originally personal property but are now attached to the property itself. This becomes the toughest issue when tenants attach fixtures to a property. These fixtures may include shelves or anything that is immovable by law.
There are five tests of fixture:
1) Method of Attachment: Is it nailed, welded or bolted down? Or is it simple leaning against the building or hanging on the wall?
2) Adaptability: Is the item customized or can it be easily used in other building.? Wall-to-wall carpeting would be considered a fixture because it has been cut for a room of a particular size and shape, and the carpet is attached to a track strip that is nailed to the floor.
3) Relationship: Is relationship between tenant-landlord, a buyer-seller or borrower-lender.
4) Intension: is indicated by action or agreement of the parties, weather it be expressed ore merely implied.
5) Agreement: Court will also look to the existence of any agreements between the parties. For example: Is he item mentioned in the real estate listing or purchase contract?
Exception to Fixture rule:
There are certain items that remain personal property after they have been affixed to real property.
If you rent to a business: These items are called "trade fixtures". Example are shelves, counters, cash registers used by business but not sold to customers.
If you rent to an individual(s): Id tenant installs room dividers, shelves, it may or may not be viewed as personal property. In many cases fixtures may be removed by the tenant, provide that premises are not damaged.
Martin Lukac, represents, #1 Loans USA(http://www.1LoansUSA.com), a finance web-company specializing in real estate/mortgage market. We specialize in daily updates, rate predictions, mortgage rates and more: info@1LoansUSA.com
The CompromisThis document is the document you will sign agreeing... Read More
We understand the being in foreclosure is a scary thing.... Read More
How would you like to start a bidding war for... Read More
Everyone knows that at the end of a home inspection,... Read More
One of the quickest ways to real estate profits is... Read More
There are numerous advantages to owning a home. One of... Read More
One of the most important considerations you will need to... Read More
Florida Investment Property ? Why Investing is a Wise Decision... Read More
The comments below are quoted from a recent speech by... Read More
You decide to sell your home and believe you can... Read More
Many homes remain unsold for a long time because they're... Read More
A Single's Game of Real Estate (Getting started in your... Read More
Chapel Hill is located right in the middle of North... Read More
In recent years buy to let has been a popular... Read More
I have been a mortgage lender for many years and... Read More
First impressions do make a difference when selling your home.... Read More
Here's the gripping story...You are the landlord of a small... Read More
Whether you are a real estate investor looking for a... Read More
If you already own your home, you will probably make... Read More
Lighting is the most important detail of interior Design Psychology... Read More
PastSpecialized, niche home builders began constructing resource-efficient, environmentally sensitive homes... Read More
Staging can involve minimal effort on the part of a... Read More
The decision to sell your house wasn't made on the... Read More
A new business venture to help home sellers, home staging,... Read More
"The first step toward change is awareness. The second step... Read More
You hear it asked on the radio, in the newspapers... Read More
Real Estate: Reasons and Priorities for Purchasing Property. It's not... Read More
It is no secret that the current real estate market... Read More
To own a home is one of the dreams every... Read More
As the second largest city geographically in Florida, this beautiful... Read More
Making money with "fixer-uppers" isn't about repairing drywall or planting... Read More
You've listed your home for sale, you have a Buyer... Read More
STEP#1. First you have to recognize that in order to... Read More
In Real Estate "Time" is a Wealth Development ToolsReal estate... Read More
The Region has four distinct seasons but in general possesses... Read More
Home sellers who are prepared to help buyers find financing... Read More
Be careful when buying rental property. We stayed at a... Read More
Credit for Buying Real Estate is Different than Credit for... Read More
It can be very frustrating to put your home on... Read More
If you're thinking about selling your home perhaps the 'for... Read More
Of course, this is the big question in real estate... Read More
What is title insurance and why should any buyer get... Read More
A Specialist Article For Those Interested In Real Estate Development... Read More
Successful real estate investing depends largely on a correct assessment... Read More
1. Planning:Know Your Target BuyersThink about your neighborhood and the... Read More
It is increasingly common for individuals to own more than... Read More
There are serveral things you need to think about and... Read More
Boston real estate is a hot topic. Daily newspaper articles... Read More
Hopefully all goes smoothly when you purchase your home. In... Read More
Most experienced property investors use property managers. Why? Because they... Read More
Be a slumlord? Okay, I got your attention, now the... Read More
As the second largest city geographically in Florida, this beautiful... Read More
Have you ever noticed that despite the massive number of... Read More
As I write this, there is a considerable concern about... Read More
The best price to sell your home is always determined... Read More
As somone who has lived in both places, I can... Read More
Most of us don't talk about money, finances, credit, debt....Young... Read More
When you're selling your own property, whether it's a house,... Read More
Anyone interested in real estate should be able to talk... Read More
In days of booming real estate, you would think that... Read More
Prospecting for leads is by far the most difficult part... Read More
That's A Funny Thing To Say About Property Auctions; They're... Read More
Welcome to this first portion of a three-part series about... Read More
Central Illinois is an area rich in cultural activities and... Read More
Buying Off PlanIt can be difficult to decide when every... Read More
The CostAlthough the property prices in Bulgaria are quite low... Read More
Real Estate |