Definition: Personal property is property that is not classified as real property. It includes movable physical items and intangible interests, such as shares of stock.
Example
A seller’s freestanding desk is tangible personal property. The seller’s shares in a corporation are intangible personal property.
Keep the distinction clear
Personal property does not mean only household belongings. An item can also change classification: materials or equipment that become fixtures may become part of the real property. Identify included personal items clearly in the sale agreement.
Related terms
Real Property · Fixture · Trade Fixture
Keep studying
DEEP C: The Bundle of Property Rights Explained
References: Cornell LII: Personal property
Pronunciation (US): PER-suh-nuhl PRAH-per-tee (capitals show stress)
Pronunciation reference: Merriam-Webster
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