Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
Fixtures are those items that cannot be removed and taken by the old owners when they sell their property and move to a new one. Fixtures are those immovable objects that are permanently indentured into the property itself. Hence, fixtures cannot be moved or relocated in any real estate transaction.
Typically, fixtures refer to things like chandeliers, window treatments, decorative objects that are attached to the house by means of nails and bolts, etc.
One might wonder whether fixtures are considered real property or personal property when it comes to real estate. Let us first grasp the concepts of real and personal property before we can establish which category fixtures fall under.
Real property includes all those items and furnishings of a house that constitute the house as a whole and contribute towards the valuation of the property. Generally, these are immovable objects such as window panes, decorative lights, wall furnishings, etc. These objects are all part of the house itself and cannot be changed with every change in ownership.
Now, personal property refers to those items that are exclusively owned by the tenants of the house. A couch, chair, bed, or table may be your personal property which you presumably bring with you if you move into a new house.
Now, whether fixtures are real property or personal property? As previously discussed, fixtures are those objects that are permanently fixed to the house itself. This means they are a part of the house and cannot be relocated with every change in ownership or tenancy. Therefore, fixtures evidently fall under the category of real property. Fixtures can influence the value of a residential property just like every other physical attribute of the house can.
Fixtures can be identified by real estate professionals who use a specific test for the purpose. This test is commonly known as “MARIA”. This helps them determine the fixtures of a property in order to avoid any unnecessary disputes.
