Real Estate Tip – November 29, 2012
Rick Smith, Bernstein Shur, Real Estate Practice Group
Is an awning, HVAC component or entire building classified as personal property or real estate? The law honors and allows landlords, tenants and suppliers to decide whether an asset is real estate or not. For example, a boiler might be classified by the law as a fixture that is part of the real estate, but the building owner and the boiler supplier might agree to call it personal property. If it’s not designated properly it’s up to a judge to decide.
Rick Smith is a long-time member and a past recipient of MEREDA’s volunteer of the year award.