Property

Property is any physical or virtual entity that is owned by an individual or jointly by a group of individuals. An owner of property has the right to consume, sell, rent, mortgage, transfer and exchange his or her property. Important widely-recognized types of property include real property (land), personal property (other physical possessions), and intellectual property (rights over artistic creations, inventions, etc.), although the latter is not always as widely recognized or enforced.A title, or a right of ownership, is associated with property that establishes the relation between the goods/services and other individuals or groups, assuring the owner the right to dispense with the property in a manner he or she sees fit. Some philosophers assert that property rights arise from social convention. Others find origins for them in morality or natural law (e.g. Saint Irenaeus).

Types of property

Most legal systems distinguish different types (immovable property, estate in land, real estate, real property) of property, especially between land and all other forms of property - goods and chattels, movable property or personal property. They often distinguish tangible and intangible property (see below).
One categorization scheme specifies three species of property: land, improvements (immovable man made things) and personal property (movable man made things).
In common law, real property (immovable property) is the combination of interests in land and improvements thereto and personal property is interest in movable property.
'Real property' rights are rights relating to the land. These rights include ownership and usage. Owners can grant rights to persons and entities in the form of leases, licenses and easements.
Later, with the development of more complex forms of non-tangible property, personal property was divided into tangible property (such as cars, clothing, etc.) and intangible property (such as financial instruments, including stocks and bonds, etc.), and intellectual property, including (patents, copyrights, and trademarks).

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