Friday, May 28, 2010

Fixtures

Fixtures, related to existent estate, are points that were originally personal property but are now attached to the property itself. This goes the toughest issue when tenants attach fixtures to a property. These fixtures may include shelves or anything that is immovable by law.

There are five diagnostic tests of fixture:

1) Method of Attachment: Is it nailed, welded or bolted down? Or is it simple leaning against the edifice or wall hanging on the wall?

2) Adaptability: Is the point customized or can it be easily used in other building.? Wall-to-wall carpeting would be considered A fixture because it have been cut for a room of a peculiar size and shape, and the carpet is attached to a path strip that is nailed to the floor.

3) Relationship: Is human relationship between tenant-landlord, a buyer-seller Oregon borrower-lender.

4) Intension: is indicated by action or understanding of the parties, weather condition it be expressed ore merely implied.

5) Agreement: Court will also look to the being of any understandings between the parties. For example: Is he point mentioned in the existent estate listing or purchase contract?

Exception to Fixture rule:

There are certain points that stay personal property after they have got been affixed to existent property.

If you lease to a business: These points are called “trade fixtures”. Example are shelves, counters, cash registers used by business but not sold to customers.

If you lease to an individual(s): Idaho tenant installs room dividers, shelves, it may or may not be viewed as personal property. In many cases fixtures may be removed by the tenant, supply that premises are not damaged.

No comments: