Personal property

Personal property is often not real property such as furniture, jewelry and automobiles. It’s more like intangible properties such as a contract, an idea for a product or an intangible asset.

Personal Property refers to items that are non-physical in nature. This includes intangible items such as a contract, an idea for a product or an intangible asset. Personal property is not real property such as furniture, jewelry and automobiles.

In order to understand what personal property is, it is important to understand the difference between real property and personal property. Real property is tangible land; this includes buildings, land, and structures. Personal property, however, does not include land or buildings but rather intangible items such as contracts and products.