What is Real Estate?
By George Clements
Land, homes, buildings, online home searching, market trends, needs analysis, negotiating, inspections, and contracts. These are all parts of the world of Real Estate. But what exactly is Real Estate? According to Merriam-Webster, real estate is “property in buildings and land.” According to Fannie Mae, real property is “land and appurtenances, including anything of a permanent nature such as structures, trees, minerals and the interest, benefits and inherent rights thereof.” The standard Greenville, South Carolina contract that we use states that personal property is not considered part of the sale unless it is listed in the MLS or in the contract. Things like appliances have to be listed in one of these two places or they will not come with the real estate. On the other hand, things like trees and bushes planted in a yard will come with the real estate. Sometimes people have an expensive tree or bush that they want to keep. This needs to be taken care of before the home is listed for sale. Sometimes it is hard to know what category your items fall in. The standard Greenville, South Carolina contract also states that the sale includes all of the “buildings and improvements.” Let me know if you have a question about whether something in your home is personal property or real property.
George Clements
(864) 238-4815
gclements@kw.com
www.homestolive.in
