Personal Property

Personal property refers to movable items or assets that a person owns, distinct from real property (land and anything permanently attached to it). It includes both tangible and intangible items:

• Tangible personal property: Physical objects that can be moved without altering the real estate, such as furniture, clothing, vehicles, appliances, electronics, artwork, jewelry, and sporting goods.
• Intangible personal property: Non-physical assets like stocks, bonds, patents, copyrights, digital assets, and intellectual property.

The key characteristic of personal property is its movability—it is not fixed permanently to one location, unlike real estate.

Personal property can be transferred through legal documents like bills of sale and is subject to ownership rights, including the ability to use, sell, or transfer it. It may also be insured separately from real property and can serve as collateral for loans (e.g., a car loan).

Sometimes, the distinction between personal and real property can blur, especially with fixtures—items that may be attached to real estate but can be removed and reclassified as personal property under certain conditions, such as at the end of a lease.

In summary, personal property is any movable property owned by an individual or entity, including both physical goods and intangible rights, that is not permanently attached to land or buildings.