MLS: “All attached TV mounts shall stay but not TV’s”

Fixtures vs. Personal Property:  The Proactive Solution

It’s not always clear whether something is a “fixture” or “personal property.”

In theory, the test is straightforward:  is the item in question permanently attached?

The rub, of course, is what constitutes “permanent”:  one person’s easy removal and repair (usually by the Seller) is another’s “of course it should come with the house!” (uttered by Buyers).

Practicing an Ounce of Prevention

Enter TV brackets and mounts, a notorious gray area in today’s housing market.

Rather than risk a misunderstanding, at least one local agent is preemptively addressing which is which in the “Agent Remarks” section of MLS.

That may be a bit early in the process, but it’s certainly the right idea . . .

P.S: Interestingly, when it comes to fixtures, size doesn’t matter.

So, a free-standing Grand piano is personal property, while a Bathroom sconce is a fixture.

See also, “Fixture Confusion”; and “How to Tell if Something is a Fixture.”



from RSSMix.com Mix ID 8230700 http://ift.tt/2pVYmBL
via IFTTT

Comments

Post a Comment

Popular posts from this blog

Estimating the Discount for a Busy Street (or Not)

Image
The Art of Comp Selection One of the trickier home features to account for in a Comparative Market Analysis (“CMA”) is a busy street. For a family with little kids, a busy street may very well be a deal breaker — in which case the discount is theoretically infinite. At the other extreme, an investor looking for a rental property may see the location as a plus: free advertising! Of course, not all busy streets are created equal: depending on how far the home is set back; elevation differences; the individual home’s layout; and even landscaping and other topography, and the noise level/loss of privacy can vary significantly. Two Strategies Faced with so many variables, Realtors and Appraisers can always simply choose an average discount — say , 10% off. Strategy #2? Choose as Comp’s (Comparable Sold Properties) only homes that are also located on busy streets. Even better: the same busy street. Then, there’s no need to make any adjustment, because all the home...
Read more

“What’s the Highest Point in Hennepin County?”

Image
There sure seems to be some confusion on that, umm . . . point. I’ve now encountered at least three different properties — none close to one another — that all claimed that status in just the last month. For the record, according to Hennepin County’s website, it’s on Williston Road near High Point Road in Minnetonka — 1,131 feet above sea level. See also , “ Florida’s Tallest Point (and how to get there) .” from RSSMix.com Mix ID 8230700 https://ift.tt/2Pq1ndL via IFTTT
Read more

“Are You a Realtor?” “Why, Yes I Am!”

Image
“There Goes My Realtor!” Admittedly, the intended effect is for clients who see me in and around the neighborhood where I live (by Cedar Lake in Minneapolis) to see my car on the road and say, “There Goes My Realtor!” But, my custom license plate (above) is also a conversation-starter when I’m parked. Like today, in Linden Hills, where a builder who has an upcoming listing saw my car and asked if I was a Realtor. I know what to do from there . . .  from RSSMix.com Mix ID 8230700 http://ift.tt/2glixp5 via IFTTT
Read more