Definition of Personal property:
Personal property is a class of property that can include any asset other than real estate. The distinguishing factor between personal property and real estate, or real property, is that personal property is movable; that is, it isn't fixed permanently to one particular location. It is generally not taxed like fixed property.
Personal property is also known as movable property, movables, and chattels. Because it is viewed as an asset, it may be taken into consideration by a lender when someone applies for a mortgage or other loan. .
Movable property; belongings exclusive of land and buildings.
Possessions other than real estate or buildings. Personal property is movable and includes tangible (appliances, car, furniture, jewelry) and intangible (bonds, right to a benefit, shares or stocks) items whose ownership belongs to the individual. Also called chattels.
How to use Personal property in a sentence?
- Personal property plays a role when people insure a home.
- I did not like how the people at the airport treated my personal property , so I decided to yell at them.
- You should always respect other peoples personal property as if it were your own at your office or place of work.
- A common example is a car loan, for which the car itself serves as collateral.
- The personal property of the individual was used as evidence in the case as this person had genuine motives to help.
- Real property and personal property may have different rules applied to them.
- Loans can be secured by personal property (artwork or automobile) or real property (house).
Meaning of Personal property & Personal property Definition