Princeton Town Topics – Let’s Talk Real Estate – April 23, 2014
THE SALES PRICE
There are often disagreements between the buyer and seller about what is included in the sales price of a home. Careful drafting of the paperwork can help you avoid future disputes.
The following definitions may help. Real property is land and any permanent attachments, such as buildings, landscaping and fences. Personal property consists of movable possessions, such as furniture and clothing. A fixture is defined as an item of personal property that has become part of the real property by virtue of becoming permanently attached, such as a new sink, a spa, or a chandelier.
The principal area of dispute about what is included usually concerns fixtures. Do not assume curtains, satellite discs, antennas or fireplace equipment convey with the house. Make it very clear in writing what does and does not convey with the property. If you are specific about every item that may be questionable, you will greatly reduce the chances of a dispute after the settlement.
