Fixtures & Personal Property

FIXTURES AND PERSONAL PROPERTY: A fixture is an item that was once personal property, but is affixed to the home in such a manner as to become a part of the home itself. A buyer purchases the fixtures affixed to the home, but personal property is not part of the transaction unless it is listed in the contract. The contract should specifically identify all items that are to be conveyed in the transaction[1]

If you have your home for sale or you are thinking of placing your home for sale this definition may mean the difference between a smile or a few tears.

I have to relate a story here about a seller who had a beautiful handmade clock. The clock was the focal piece of the living room and was situated right above the fireplace. The clock was so large and the manner in which it was attached could have been construed as ‘affixed’. When the offer came in I was excited for my sellers because it was a full price offer, however, on the page that contains the additional language the buyers had requested that, and in some very specific language, the clock stayed and became the buyers property.

Now, the sellers and I had the discussion that all of the items, like the clock should be put away while the home is offered for sale, but the sellers also felt that the home and the space defined by the fireplace really showed well with the clock there. We had a discussion about what should be done about removing it and replacing the space to it’s original state. Of course, it was true that the clock did make the fireplace stand out but now the sellers where faced with making a decision. Since their move was precipitated by a lucrative job offer that included relocation they were concerned about doing anything to jeopardize the offer. I was prepared to discuss with the buyers agent how important the clock was to the buyers offer but the sellers asked that I let it go since they had put themselves in the situation anyway. So it was that the clock went with the transaction and the sellers shed a bit of tears when saying goodbye to their beautiful clock.
Moral of the story: If it is precious to you, put it away.
[1] Definition from http://www.aaronline.com/documents/RealEstateLang.aspx