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“What’s mine is mine” may seem to define the idea of “property,” but it’s not as clear-cut as you may think. Land is the perfect example, as it’s legally owned by an individual and falls under the umbrella term of “property.” But what type of property? In the U.S., there are two main categories: personal property and real property.
The difference between real and personal property may not seem consequential on the surface. However, the legal distinctions of each property type determine how value can be classified, protected, taxed, and transferred.
Ownership rights for property vary from one jurisdiction to the next, with distinct considerations at federal, state, and local levels. This makes due diligence for regional classifications of real property versus personal property essential when investing in real estate.
Understanding the complex subtleties of property rights will help you navigate investment opportunities with greater awareness.