North Woods Real Estate Millinocket Maine
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REAL ESTATE CONTRACTS
Personal Property
When you purchase a property, it usually includes the land and everything attached to it, such as buildings, trees, shrubs, etc. Most buyers are only interested in purchasing the real estate, not the owner's personal property. What happens when personal property has become a part of the real estate--is it actually a "fixture" which now passes with the real estate? There are three tests which usually need to be satisfied. Has the personal property been permanently annexed to the real estate? Is it intended to become part of the real estate? What is the local custom? Fixtures may include: shades, heaters, ranges, screens, storm windows, lighting fixtures, etc. To save misunderstanding at the closing--and perhaps the sale--it is important that the seller spell out specifically in the sales agreement what will go to the buyer as part of the real estate.
26 Balsam Drive, Millinocket, Maine 04462 - Phone: (207) 723-9086 - Fax: (207) 723-2092
Email: This email address is being protected from spambots. You need JavaScript enabled to view it. - Website: www.northwoods-realestate.co