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What is meant by real property, vs personal property?

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vickidial1 Joined: 06 Aug 2010 Posts: 3 1.23 Dollars($)	Posted: Fri Aug 06, 2010 3:56 am    Post subject: What is meant by real property, vs personal property? Like 0 Dislike 0 My mother owns a winter home in FL, no mortgage. In her trust it states,"the Grantor's interest in any real property in which she resides shall be deemed an interest in "real property, not personally." Does this mean she cannot sell it? Or that it is owned by the trust, and not by her? Does it mean if the property sold she could not claim the proceeds but that the proceeds would be paid into her trust?
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon Aug 09, 2010 2:05 am    Post subject: Like 0 Dislike 0 As the property is in a trust, then the trust owns the property. If she wants to sell off the property, then she'll have to remove the property from the trust. As the property will be out of the trust, she would be able to claim the sale proceeds. _________________ Good is the Enemy of Great.

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