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In this real estate tutorial, the speaker explains the distinction between real and personal property. Real property, such as a house, is transferred through a deed, which conveys ownership. In contrast, personal property, like furniture or equipment in a business, is transferred using a bill of sale. For instance, purchasing a business like a restaurant or dry cleaner does not involve obtaining a deed, as the land remains owned by the seller. Instead, buyers receive a bill of sale for personal property associated with the business. This clarification is essential for understanding property transactions and ownership transfer methods.