Definition of "Fixture"
A fixed asset whose utility is derived from its physical attachment to a property and which usually cannot value or damage. A fixture, under the terms of a lease or other agreement, can be detached.
Popular Real Estate Terms
The right to recover property taken away by foreclosure by paying the lender the total amount owed plus foreclosure costs. The right of a debtor in bankruptcy to recover personal ...
Involves monthly payments for property taxes and insurance, besides principal and interest. The tax and insurance payments are put into an impound account. For a residential mortgage this ...
Process of simultaneously appraising several pieces of property. Normally, occurs when a local government conducts a reassessment. ...
Authority given by a municipality to perform specified operations in a certain zoning area. Conditions are sometimes attached by the zoning group. An example is permission to have a ...
Adding a period of time onto another. An examples a mortgagor who successfully restructures his loan by tacking another five years onto the term. ...
Unincorporated combination (roll-up) of limited partnerships in a real estate together as a group. It is usually more comprehensive, financially sound, and marketable than individual ...
How much water may be retained in a unit, such as an expansion tank in a home. ...
Any permanent development that has been made to a parcel of land. Improved land features include whether the land has fruit bearing trees or crops producer by labor, landscaping, or ...
Personal property or real property that are passed on to heirs upon one's death. ...
Comments for Fixture
which one of these is not a fixture? land, shrub, tree swimming pool
Dec 25, 2018 21:10:02Land is real property, obviously. You can't take the land with you when you move.
Jan 09, 2019 04:28:46Shrubs and trees, since they are attached to the land by roots, are fixtures.
Swimming pools that are not fixed in the ground are NOT fixtures. So, even if it is well integrated into the property, like a jacuzzi or a prefab swimming pool, that is personal property. Trade fixtures are also not true fixtures.
Have a question or comment?
We're here to help.