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Maya agreed to sell her home, and the purchase contract specifically stated that the crystal dining-room chandelier was excluded from the sale. The chandelier was attached to the ceiling when the contract was signed. At closing, how is the chandelier most likely treated between these parties?

Correct Answer

A) It may be removed because the contract expressly reserved it as excluded property

Parties to a sales contract may agree that an item that would otherwise be treated as a fixture will be excluded from the transfer. Because the contract specifically reserved the chandelier, Maya may usually remove it at closing subject to the contract terms.

Answer Options
A
It may be removed because the contract expressly reserved it as excluded property
B
It becomes a trade fixture because Maya installed it for her own use
C
It must stay because any attached lighting is automatically real property without exception
D
It transfers unless the buyer separately pays Maya for its replacement cost

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Related Topics & Key Terms

Key Terms:

fixture_exclusionsales_contractpersonal_propertychandeliercontract_terms

Related Concepts

Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.

Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.

In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.

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