Personal property is defined as what?

Personal property is best defined as any unattached, movable asset not considered real estate. This includes items such as furniture, vehicles, clothing, equipment, and other possessions that are not permanently affixed to land or structures. Unlike real property, which refers to land and anything attached to it, personal property is characterized by its ability to be moved and its lack of permanent attachment to a location.

This definition is essential in real estate and legal contexts, as it distinguishes personal property from real property, which has distinct ownership rights, tax implications, and legal considerations. Understanding this distinction helps individuals know what rights they have concerning their assets, especially during transactions, inheritance matters, or legal disputes.