Property

Rakesh Kumar

08 Sep, 2023

Property refers to the legal designation of ownership over valuable items or assets held by an individual or a business. This ownership grants the holder certain legal rights to use, consume, transfer, alter, sell, exchange, or even destroy the property, in accordance with the prevailing laws and regulations. Properties can be tangible assets such as motor vehicles, industrial tools, and furniture, among others.

What Is Property?   

Property can be termed in order to define the legal status of any valuable things that a business or a person possesses. The real owner of any valuable things holds some legal rights with respect to the same valuable things. Motor vehicles, factory-used industrial tools, furniture, etc., are examples of property.

Basically, on the nature of the property, the owner of the said property may consumer, transfer, redefine, sell and exchange such property or destroy it under the valid property rights. Many of the properties have the nature to be considered as assets on the basis of the value. Unfortunately, we might come across many properties as they just come under the category of liabilities. Suppose you meet with an accident, and the person dies on the road in your car. Now, you need to pay compensation legally to that person in terms of financial assistance just because of your own property involved in the accident. Now, your own assets are converted into a liability for you.

Key Points

• Items belonging to any person or business possess the quality of legal status.
• The owner of any property holds some legal rights with respect to the nature of the property to sell, exchange, and destroy or to transfer anyone.
•  A categorized creation under human intellect in terms of logos, copyright, and trademarks is considered under Intellectual properties.
• Properties are usually classified as public and government properties.

Understanding the Concept of Property

We can easily differentiate the properties between Tangible and intangible terms. Intangible property includes intellectual properties that we can’t see or touch, while tangible properties that we can easily see, touch and feel accordingly.

Mechanical machinery, buildings, road, vehicle, etc., comes under tangible properties, while valuable monetary assets in terms of intellectual properties like logo, symbol, name, goodwill, trademark, patent, etc., come within the ambit of Intangible property examples. Although intangible property can’t be like tangible property, it’s more significant and valuable than tangible one. The copyright or any unique formula beyond the formulation of any incredible product is widely more precious than others. To protect against infringement of these intangible assets, inventor companies in the world have a good and knowledgeable legal team.

Property Types

Simply, anything in the possession of any person, group of persons, organization, etc., out of which a legal title or ownership established on the same can be frankly spoken in the terminology of property. A property can be divided into various types, such as personal property, public property, movable, immovable, etc.

1. Movable & Immovable Property- Movable properties without any damage can easily move from one place to another, including, for example, growing crops, pen, standing timber, etc., while the properties that cannot be moved from one place to another are directly and permanently attached with the earth itself comes under immovable property under law.
2. Tangible & Intangible Properties- Properties that possess the quality of their physical form and can be easily touched or seen will be classified under tangible properties, such as cars, pens, etc., while the intangible are those including the intellectual properties having no physical existence like logo, symbol, name, goodwill, trademark, patent etc.
3. Public & Private Property– Publix properties are those properties that can be easily accessible, and a general public or citizen can fully enjoy the said property under the control of central or state government and will be considered as Public property, like- trains, railways, etc. At the same time, the property, which is limited and restricted only to a few persons beyond the owner of the said property or associated person to owner, comes under the ambit of personal property. Like-wise car, pen, book etc.
4. Real Property– Real property, also notified as real estate properties, including any construction or infrastructure developed on a portion of any land, will be considered as real property. Basically, real properties are important in real estate sectors and all the payment-related business is only performed on the basis of Real property.
5. Government-Ownly Property– All the existing property termed as tangible or intangible property assets, including the public and real estate or any type of available resources on earth, are included as government-owned property. Basically, an individual can enjoy only a few properties which are allowed for the use of the general public at large. There are few properties of government which an individual can enjoy like parliament house, any government offices etc. It’s also possible that sometimes, for any project related to development, the government itself acquires and buys the private lands of a person. In that case, the rights of an individual are stopped by the government for some time period or permanently.

 Inherent Quality Added with Property Value

The value of the property can be calculated and found out through various means after considering many aspects in mind. Suppose in terms of any immovable property, the location, age, conditions, surroundings and improvements will be independently considered by analysts to find the correct value of any property. Suppose, in terms of the intellectual property under the possession of any organization, it is capable of attracting monetary value after licensing the rights to any manufacturer. Then, the property itself is capable of creating income, and then the analysts will add the same quality/things while calculating the value of such property.