What is the distinction between real property and personal property?
Real property and personal property are two distinct types of property in North Carolina. Real property, sometimes called real estate, is a type of property that is tied to land. It usually includes buildings, structures, and land, and may also include natural resources such as minerals or crops. Personal property, on the other hand, is any property that is not tied to land. It could include items like furniture, jewelry, and even vehicles. Real property is usually owned by an individual or a business and can be bought and sold. When it is bought or sold, a deed is used to transfer ownership. The deed includes the description of the land, and it is legally recorded to establish the ownership. In contrast, personal property is more mobile and can be more easily moved. It is usually not subject to being recorded in a deed. Personal property can be owned by an individual or a business, and can be gifted, rented, or leased. It can also be sold, but there is usually no formal deed involved. Overall, the main distinction between real property and personal property is that the former is tied to land, and the latter is not. This affects how they are owned and transferred, as real property requires a deed to transfer ownership, while personal property does not.
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