Property law is the branch of law which deals with different forms of ownership and tenancy in real property and personal property. Real property relates to the land and buildings which an individual owns. Personal property is divided into the tangible and intangible property. The intangible property consists of items which individuals own such as mutual funds, stocks, policies and savings accounts. Tangible property includes all the things humans own and can touch (e.g. jewellery, furniture, clothes, coins, etc.).
The terms property has broad meanings; however, in law, it is important to consider aspects such as the nature of the object, the relationship between the individual and the object and how the object is in relation to the political system. In other words, property in a legal sense is the rights people have over particular objects.
Property law deals with property rights which are rules over objects enforceable against other individuals. These rights differ from personal rights.
Property law deals with the property ownership which varies among countries depending on the type of the property interest. Individuals can own properties directly, as well as the government and legal entities own properties.
Additionally, around the concept of property, there are different theories. The first possession theory of property outlines that the owner of a property is someone who gets the object before someone else. Instead, the corporate systems theory asserts that the property is something related to an identifiable group and individual.
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