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Old Questions & Answers

what is the difference between personal property and real estate? what does the term co-ownership means? how a gift wiil be defined or determined in regards of property tranfer?

Formulada por: ana
4/4/2008 8:54:49 AM

Hola Ana,

Personal Property: Is everything that you own and is not attached to any real estate. You can also define personal property by knowing if an object can be removed without damaging the structure.

Real Estate Property: Is defined as any structure and objects attached to it. For example, a house is a real estate property and the light fixtures are also real estate property because they are attached to the house ceiling.

Co-ownership: Exist deferent forms of co-ownerships of a real estate property; my advice is to ask your lawyer or tax advisor which type of co-ownership will be most beneficial for you. And also do the same in regard to a gift. As a real estate broker I am exempt to give any legal advice.

Answer by Bill Arce 4/4/2008 10:33:16 PM

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