Tuesday, May 12, 2009

Terminology Tuesday - Personal Property

(Note: I think it's important to know the terminology and words used when learning any new business including mobile home investing. I came up with 'Terminology Tuesday' as a day to go over the terminology used in the mobile home business. It's important to know the terminology when talking to people in the business so you're all on the same page).

As defined in Wikipedia:

"Personal property is a type of property. In the common law systems personal property may also be called chattels or personalty. It is distinguished from real property, or real estate. In the civil law systems personal property is often called movable property or movables - any property that can be moved from one location to another. This term is in distinction with immovable property or immovables, such as land and buildings".

Definition Link

Mobile homes can be classified as either personal property or real property. If the mobile home is not attached to land, it is considered personal property. On the other hand, if the mobile home is attached to land it is considered real property. The definition of "attach" and how a mobile home is seen as "attached to land" may vary from area to area. Check with your local government authority for further clarification.

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