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Importance of the classification:
It does not assume its importance from the fact of mobility or non-mobility but from the fact that different provisions of the law govern the acquisition, possession, disposition, loss, and registration of immovable and movable.

Examples:
a.   Donations
1)   real property (like land) = must be in a public instrument, otherwise, the alienation will be null and void even as between the parties.
2)   movable (like a ring valued at say P 5,000.00) = needs only to be in a private instrument. (Art748).

b.   Ownership by prescription
1)   real property (in bad faith) = 30 years (Art 1137)
2)   personal properly (in bad faith) = 8 years (Art 1132).

c.   Generally, to affect third persons, transactions involving
1)   real property must be recorded in the Registry of Property;
2)   personal property = need not be recorded

May parties by agreement treat as personal property that which by classification under the law is real property?

It would seem that under the Civil Code, it is only the LAW which may consider certain real property (like growing crops) as personal property for the purpose of making a chattel mortgage. (Art 416(2)) Also, for purposes of taxation, a real property may be considered as personal property.

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