Personal property (definition)

Personal property refers to movable items owned by an individual or entity, such as clothing, furniture, vehicles, and electronics. Unlike real estate, which includes land and buildings, personal property can be transported or relocated. It encompasses tangible assets that are not permanently attached to land or structures. Personal property can be owned temporarily or permanently, and it’s subject to ownership rights, transfer, and valuation. Understanding personal property is important in contexts like contracts, loans, estate planning, and legal claims, as it defines what items are considered part of an individual's or organization's possessions.