Property has a vast meaning. It extends to everything that a person can own. When one looks around, anything available may be classified as property. Property refers to any object, tangible or intangible, that has some value to humans. The value assigned to a property is its most important feature. It is a source of riches in one form or another.
Property, in general, consists of land, shares, buildings, and debts owed to another person. However, when used in a legal context, the phrase has a distinct meaning. It is the absolute right to enjoy and dispose of particular goods.
There are many types of property, but some of the more common ones include:
- Movable Property
- Immovable Property
- Tangible Property
- Intangible Property
- Private Property
- Public Property
- Personal Property
- Real Property
- Corporeal Property
- Incorporeal Property
1. Movable Property
Movable property means a property that can be easily transferred from one location to another without changing its size, shape, quantity, or quality. A movable property can be moved from one place to another using human effort.
Examples: Books, utensils, vehicles, etc
2. Immovable Property
Immovable property refers to property that either cannot be relocated from its current location or is permanently attached to the earth’s surface. We usually refer to the earth’s surface as land or real estate property. As a result, the immovable property includes land and substances permanently attached to the ground.
Example: buildings, trees, and minerals.
3. Tangible Property
Tangible property refers to any property that has a physical existence. To put it another way, it is something you can touch, see, or feel.
Examples: land, buildings, furniture, etc.
4. Intangible Property
Intangible property is the complete opposite of tangible property. It is any property that does not have a physical existence. To put it in other words, it is something you cannot touch, see, or feel.
Example: patents, copyrights, and trademarks.
5. Private Property
Any property owned by a natural person or a private entity is considered private property. Personal, real, tangible, and intangible assets, including intellectual property, are all included. Private property is typically divided into two categories: real property and personal property; however, not all real or personal property is private property.
Private property is not accessible to the public and is not government-owned. On the other hand, governments can take ownership of private property under certain conditions, such as eminent domain.
6. Public Property
All property owned by a government body is considered public property, including real estate, natural resources, and other tangible and intangible assets. Most government-owned properties are open to the public, unlike private property. Libraries, public schools, and city parks, for example, are public properties owned by the government.
7. Personal Property
The term “personal property” refers to everything that can be physically moved from one location to another and is not permanently tied to the land. Clothing, automobiles, furniture, tools, and other items are included.
Personal property might include intangible assets like bank accounts, patents, and investments. Although they cannot be physically moved, rights remain with the person or entity listed as the legal owner, making them personal property.
8. Real Property
Real property consists of the land itself and anything that is permanently tied to it. The land and any immovable structures on it, such as buildings and trees, are all included.
In order to be considered real property, the land or structure must be immovable, which means it cannot be moved without being destroyed. Fixtures, on the other hand, are movable items that are permanently attached to the land or structure and become part of it.
9. Corporeal Property
Corporeal property is the right to own material things. Corporeal property is always visible and tangible. Sensations can perceive corporeal property, and they can be seen or touched.
Example: house, land, car, bike, etc.
Corporeal property is classified into two types:
- Movable property (chattels) and immovable property. (Land and buildings)
- Real and personal property
10. Incorporeal Property
Incorporeal property is also known as intellectual or conventional property. It is the right to possess intangible property. The incorporeal property does not exist in the physical world. It cannot be seen or touched, but it can be felt mentally or intellectually.
Example: Patents, copyrights, trademarks, etc.
Incorporeal property is classified into two types:
- Jura in re propria Over Material Things (patents, copyrights, trademarks, etc.
- Jura in re aliena (encumbrances), whether over material or immaterial things, such as leases, mortgages, servitudes, etc.
What Is Property?
Property is a term used in the law to describe a bundle of rights that an owner has over a piece of land or other assets. These rights may be physical, like the right to use the land or asset, or they may be legal, like the right to sell it or give it away.
The word “property” can also refer to the thing itself that is owned—the house, the car, the land, or whatever. Lawyers use the term “property” to mean both the bundle of rights and the thing itself.
When Was the First Known Use of the Property?
The first known use of the term “property” dates back to the 14th century. Since Roman times, an essential word employed in political and legal philosophy to indicate the distribution of society’s limited resources has been “property.” The English word comes from the Latin proprietas, which means “ownership,” and proprius, which means “own” or “property.”
The word “property” has been used in various ways over the centuries. In feudal England, the property was the land that the king granted to his nobles. The nobles then had the right to use that land and pass it on to their heirs.
In the United States, property rights are different. The government grants citizens the right to own property, but it can take that property away if needed for public use, such as a highway or a park. The government can also place restrictions on using property, such as zoning laws.
Who Can Own a Property?
In most cases, any person or legal entity can own property, such as a corporation. It means individuals, businesses, and even governments can be owners. Property can be owned jointly or individually. Joint ownership denotes that more than one person owns the property. Individual ownership means that the property is owned by only one person.
How to Find Out Who Owns a Property?
The best way to find out who owns a property is to contact the local land registry office. The land registry will keep track of who owns the land and any limits on its use.
Furthermore, you can find out the property owner through an online search on a county assessor’s website, with a court clerk, with the assistance of a real estate broker or attorney, or through a general online search.