Understanding the jargon of the real estate industry can be overwhelming, but don't worry—I'm here to break it down for you. In this blog post, we'll unravel the meaning behind the term "convey" and its significance when buying or selling a home.
What Does "Convey" Really Mean?
When browsing through real estate listings, you might come across phrases like "washer and dryer does not convey" or "swing set in the backyard conveys." But what exactly does it entail?
Simply put, "convey" refers to the transfer of property from one owner to another. It determines whether certain items come with the house when the sale is finalized.
Now, here's the catch—as a seller or a buyer, you need to pay attention to which things "automatically" convey and which ones require specific mention.
Understanding Conveyance: Fixtures vs. Personal Property
Real estate agents often use a colloquial saying to explain this concept. They say that if you could shake a house and anything that could fall out doesn't automatically convey. In other words, if an item is bolted down or connected, it is considered a fixture and will convey along with the property.
However, the removal process of these fixtures becomes crucial. For instance, if you have a bracket securing your television above the fireplace, it's advisable to remove it before listing the home. Leaving it in place may classify it as a fixture, which could complicate matters later on.
The same goes for sentimental items like your great grandmother's chandelier. If it holds sentimental value, consider taking it down before selling the house to avoid potential disputes.
Appliances and Conveyance
The term "convey" often surfaces when discussing appliances. While washers, dryers, and refrigerators typically do not automatically convey, built-in microwaves and dishwashers usually do. These items often become points of negotiation or stipulations in contracts.
Tricky Situations: Fixtures That Might Surprise You
Here's where things can get a bit tricky. Sometimes, items that you assume are personal property may actually be considered fixtures and do not automatically convey.
For example, that picture of Aunt Mable hanging on a hook with a wire in your hallway is personal property and doesn't convey. However, bathroom mirrors—even if they are hung in a similar fashion—are considered fixtures and require specific mention.
The key takeaway from all this is to avoid making assumptions. Whether you're buying or selling a property, have an open conversation with your real estate agent about what's important to you.
If you have any questions or need further clarification, feel free to reach out to me. I'm always here to assist you in navigating the intricate world of real estate.