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Personal Property

Definition - What does Personal Property mean?

Personal property is any property that a person owns that is movable. So, real estate does not qualify as personal property. Although real estate and personal property may be owned by the same person, that person cannot move a house or a piece of land with him if he goes somewhere else. Therefore, real estate is not considered personal property. Personal property can be your car, your computer, or anything else that you are able to have moved.

Justipedia explains Personal Property

Examples of personal property include jewelry, cars, furniture, silverware, animals, paintings, clothing, etc. In terms of financing, real property is considered much safer than personal property for lenders, because there is no risk that a borrower will simply run away with the property if he or she cannot make the payments on the loan anymore. A person cannot just cut out a piece of land or a house and move it somewhere else. So, this is why many lenders feel more comfortable offering mortgages worth a lot of money on real property.

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