What is the distinction between real property and personal property?

In Louisiana, the law provides a distinction between real property and personal property. Real property, also called real estate, is land and anything permanently attached to it, such as a house, trees, minerals found beneath it, and permanent structures including buildings, fences, and sewers. Personal property, or items of personal use, includes tangible items with a short life span, such as furniture, clothing, and electronics. These are mobile items that can be removed from the property without damaging the land or structures. Real property is generally owned through a deed, and can be bought and sold on the open market. Personal property can be owned through a lease, purchase, or a loan. While real property is subject to taxation, personal property is not. Real property is permanent and must be treated as such when it is sold. A deed must be transferred from one owner to another. Personal property is more easily transferred, and a simple sale or lease agreement can establish its ownership. Additionally, real estate is subject to zoning regulations and can be used only in certain ways. Personal property can be used in a variety of ways, depending on its purpose. Generally, personal property is not subject to zoning restrictions, though there might be local laws concerning how it can be used.

Related FAQs

What are the legal implications of using electronic signatures in business transactions?
What are the rights and obligations of partners in a business transaction?
What is the concept of privity in contract law?
What are the strategies designed to protect corporate assets?
What is a joint venture and what are its advantages?
What are the implications of e-commerce for businesses?
What are the differences between a general agent and a special agent?
What are the basic concepts of business transactions?
What are some of the issues related to taxation in business transactions?
What is the concept of fraud in business transactions?

What is the distinction between real property and personal property?

Related FAQs

Related Blog Posts