The Sales Price
After your search for a house and all the
negotiations are over, you arrive at the bottom line--the sales price. It is
not unusual for there to be disagreements between the buyer and seller about
what is included in the sales price.
Careful drafting of the paperwork can help you avoid future disputes.
The following definitions may help. Real property is land and any
permanent attachments, such as buildings, landscaping and fences. Personal property consists of movable
possessions, such as furniture and clothing.
A fixture is defined as an item of personal property that has
become part of the real property by virtue of becoming permanently attached,
such as a new sink, a spa, or a chandelier.
The principal area of dispute about what
is included usually concerns fixtures.
Most preprinted real estate contracts will provide space for exclusions. Whether you are selling or buying, you should
make use of this space. Do not assume
curtains, satellite discs, antennas or fireplace equipment convey with the
house. You should also make it very
clear what you don't want left on the property. If you are specific about every item that may
be questionable, you will greatly reduce the chances of a dispute after the
closing.