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SUBPART B Reference § 24.103(a)(2)(i)

Sample of a Realty/Personalty Report



SUBPART B Reference § 24.103(a)(2)(i)

Sample of a Realty/Personalty Report

In this example, a business tenant occupies rented space with a typical commercial lease which permits the tenant to make improvements but not retain ownership of those improvements. The property is a simple bare-walled structure that the tenant built out to meet their needs. Due to a specific need, the tenant installed a supplemental heating and cooling system and obtained a lease amendment to cover that particular item. The building is used as a workshop and has improvements such as partitions, counter space installed as work areas and additional electrical outlets spread along the work area to power hand tools.

Members of the State DOT from the appraisal and relocation sections, the property owner and the business owner (who is a tenant in the property) met to prepare the realty/personalty report. The property has a multi-year lease that provides that any real estate improvements made by the tenant are the property of the real estate owner. The lease also has a "condemnation clause" prohibiting the tenant from claiming any of the settlement or condemnation award if the property is appropriated by a governmental authority. The lease has an amendment written to provide that the tenant-installed supplemental heating/ventilation/air conditioning system remains the property of the tenant who has the obligation to remove that system at the termination of the lease.

If there is a question about the personalty/realty status of a specific items, legal counsel familiar with applicable state law should be consulted.

Items of Realty Owner
Land Property Owner
Building Property Owner
Landscaping Property Owner
Improvements Property Owner
Drop Ceilings Property Owner
Interior Partitions Property Owner
General Lighting Property Owner
56' of Work Counters Property Owner
Supplemental Electrical Service Property Owner
Supplemental HVAC Business Tenant

Items of Personalty Owner
Power Floor Scrubber Business Tenant
Inventory Parts Business Tenant
Workstation Tools Business Tenant
Prazi Metal Lathe Business Tenant
4 Filing Cabinets Business Tenant
Work in Progress Business Tenant
Updated: 9/5/2014
HEP Home Planning Environment Real Estate
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