Definition - What does Property mean?

Property refers to anything that is legally owned by another person or entity. As such, what constitutes property is quite vast. The idea of people owning property dates back too far to document. For all of eternity, man has sought to claim title to land in order to have a place to call their own. Common examples of property include homes, office buildings, land, vehicles, clothing, and other personal possessions. Other examples of property include licenses, copyrights, and other forms of intellectual property.

Justipedia explains Property

More specifically, there is a general consensus that there are two types of property—real property and personal property. Real property is generally referred to as any piece of land or anything permanently affixed to that piece of land such as a home, crops, or a commercial building. Real property can also refer to what is “beneath” the land such as oil, gas, and minerals. Personal property is referred to as a piece of property that is movable.

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