Hayden Turner is reviewing an Illinois issue in Naperville. The person asks whether a built-in dishwasher is ordinarily treated like a movable personal item unless the contract says otherwise. Which statement best applies?
Correct Answer
A) No. A built-in dishwasher is ordinarily treated as a fixture unless the contract clearly excludes it.
Attachment and integration usually make a built-in dishwasher a fixture, so the contract should clearly exclude it if the parties intend removal.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
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- → A Rhode Island licensee encounters a listing agreement lets the principal broker retain a portion of deposit money upon buyer default. What should the licensee remember?
- → A Hawaii licensee is reviewing the commission asks to inspect escrow and trust records. What is the best answer?
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