Property Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Property, written in plain English, along with examples of how it is used.
What is Property?
Anything tangible or non tangible owned or possesed by someone in his/her own title. It can be real estate, land, factory, trademarks, etc. Property can be real, private, public, common, personal, separate with each has different meanings as per the name suggest.
History and Meaning of Property
The concept of the Property can be traced back to ancient times when it formed the basis of land ownership and individual possession of crops and livestock. It is an essential element of capitalism and a fundamental concept within the legal system. Property law specifies the rights and obligations of property ownership, and it is a crucial aspect of any society that promotes economic growth and development. In modern times, Property has expanded its definition to include intangible assets such as patents, copyrights, and trademarks.
Examples of Property
John owns a piece of land that has been in his family for generations. It is his private property, and he can use it as he sees fit, subject to the specific zoning laws that may apply in his area.
The board of directors of a large corporation votes to acquire a small technology company. The technology company's intellectual property is a significant reason for the acquisition, as it will provide the corporation with valuable trademarks and patents.
Emily purchased a book online with her credit card. The book becomes her personal property once it is delivered to her door.
Legal Terms Similar to Property
Real Property: This term refers to property that is immovable, such as land and buildings on that land.
Chattel: This term is used to refer to personal property, such as furniture, artwork, or vehicles, that is movable.
Intellectual Property: This term refers to ideas and concepts in a tangible form, such as patents, copyrights, and trademarks.
Estate: This term is used to describe the ownership interest, rights, and in some cases or situations, obligations, that a person has with respect to property, including a person's ownership of real and personal property.
Real Estate: This term refers to land and anything fixed, permanent or immovable on it, including homes, buildings or other structures.