What do you think of when you think of real estate? Land? Buildings, structures, objects that are visually memorable and identifiable as being part of the dwelling? Perhaps some other assets affixed to the soil?
What about the gazebo in the garden? Or the swing set and hot tub in the back yard? Are those part of the real estate that's being sold? Are they included in the deal? What about the appliances, furniture, fixtures and that abandoned Louis XVI armoire seemingly abandoned in the corner? Does it go or stay?
And, finally, how can you find out?
The easiest and most efficient way is to for your Realtor® to provide you with a copy of the house listing as it appears and was provided to the Multiple Listing Service (MLS) data bank, to which all member Realtors® have access. This is where you'll find descriptions of the assets, features and many of the amenities being offered for sale.
Is it definitive and absolute? Well, yes and no. It's a flexible yet fluid instrument that allows buyers and sellers to negotiate what property will be transferred. But that malleability begins to harden once the deal is signed and turns to stone once the deal is closed.
This situation only escalates the importance of doing your homework prior to sitting down and executing a real estate contract. The information provided by the MLS listing sheet is a guide and should be viewed as a summary of the property offered. As you tour, take notes and compare what you see to what's listed, to what you want and to what's not listed.
While the rules governing what property is included in a sale can vary dramatically from property to property and certain assumptions can be formed, the safest and surest way to make sure you get what you want and are entitled to at closing is by writing it down and making it part of the contract.
In general, objects or fixtures that are permanently affixed to the dwelling -- a bathroom mirror or light fixture -- are part of the sale. A free-standing torchère sitting off in the corner might or might not be.
So if you want it, specify it along with all other items that are not explicitly described in a Contract to Purchase "Inclusion/Exclusion" section. This is where the most common items associated with the majority of real estate transactions are enumerated.
The list usually is lengthy, covering common household objects such as plumbing, propane, purifiers and pools, to name a few. In addition, the document also contemplates the possibility of modifying the standard boilerplate incidental items -- the torchère, for example, can be included or excluded from the purchase.
Assume for demonstrative purposes the house you intend to write an offer on is part of an estate. The owners are deceased and the heirs are settling the estate by selling the house and all of the expensive and rare antique furniture contained therein.
The MLS information specifies the common items traditionally found in this price range and condition -- microwave, dishwasher, washer/dryer, etc. -- but nothing more. Your buyer representative has talked with the sellers' agent and learned that all of the personal property will be disposed of, but exactly how hasn't yet been determined.
After touring the home, you decide you're in love with not only the home but its entire contents and want the whole shebang as is -- living room and dining room sets, bedroom furniture, every last expensive thing. Under this scenario, it would be best to treat the home and its contents as separate issues, although it's acceptable to include the contents as an addendum to your purchase contract.
Since the sellers' listing price doesn't contemplate the inclusion of the contents, to do so in your offer could potentially obfuscate your primary goal of purchasing the home. A simpler and less confusing approach would be to write separate contracts -- one for the home and the contents as described and provided for in the MLS and contract provisions, and another for the contents.
If, on the other hand, all you want is that exceptional crystal chandelier, then you might want to consider specifying it in your offer to purchase.
Contracts are designed with the Wal-Marts of the world in mind -- they cover all the nuts and bolts essential to purchasing or selling a home and allow you to include or exclude a few items from Tiffany's if they're not already expressly accounted for.
From a linear linguistic standpoint, the more common an item is, the more likely it will be covered in the standard provisions of a contract. The less common an item is, the less likely it is to be covered and thus will require specific language to remove any uncertainty.
STEVEN J. LOWENSTEIN, a native of Cincinnati, is a Realtor with Coletta & Associates Realtors. He's a graduate of the University of Cincinnati and holds a Master's degree from North Texas State University.
