Property law is the law that in the common law legal system governs the various forms of
ownership in real property and in personal property. Property is anything that is owned by a
person or entity. Property is divided into two types: “real property,” which is any interest in
land, real estate, growing plants or the improvements on it, and “personal property”
(sometimes called “personalty”), which is everything else.
TYPES OF PROPERTY
There are two types of property: Real property and Personal
property. Most of the legalconcepts and rules associated withboth types of property are derive
d from EnglishCommon law. Modern law has incorporated many of these concepts andrules i
nto statutes, which define the types and rights of ownership in real and personal property.
Personal property, also referred to as movable property, is anything other than land that can b
e the subject of ownership,including stocks, money, notes,Patents, and copyrights, as well as i
Real property is land and ordinarily anything erected on, growing on, or affixed to it, includin
g buildings and crops. The termis also used to declare any rights that issue from the ownershi
p of land. The terms real estate and real property generallyrefer to land. The term land, in its
general usage, includes not only the face of the earth but everything of a permanent natureove
r or under it, including minerals, oil, and gases. In modern usage, the word premises has com
e to mean the land itself orthe land with all structures attached. Residential buildings and yard
s are commonly referred to as premises.
The difference between real property and personal property is ordinarily easily recognizable.
The character of the property,however, can be altered. Property that is initially personal in nat
ure becomes part of realty by being annexed to it, such aswhen rails are made into a fence on
Property may be further classified as either private or public. Private property is that which be
longs to one or more persons.Public property is owned by a country, state, or political subdivi
sion, such as a municipal community or a school district.
Personal property can be divided into two major categories: tangible and intangible. Tangible
property includes such items asanimals, merchandise, and jewelry. Intangible property includ
es such rights as stock, bonds, patents, and copyrights.
In the United States, every state has exclusive jurisdiction over the land within its borders. Ea
ch state has the power todetermine the form and effect of a transfer of real property within its
borders. Modern statutes have eliminated muchtraditional concern over the proper conveyanc
ing of real property. In modern real estate law, real property can be conveyedby a deed, with t
he intention of the person conveying the property, the grantor, that the deed take effect as a c
onveyance.The deed must be recorded to give notice as to who holds legally
title to the property.