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regime 4 in sociology and anthropology property is often defined as a relationship between two or more individuals and an object in which at least one of these individuals holds a bundle of rights over the object the distinction between collective and private property is regarded as confusion since different individuals often hold differing rights over a single object 5 6 types of property include real property the combination of land and any improvements to or on the ground personal property physical possessions belonging to a person private property property owned by legal persons business entities or individual natural persons public property state owned or publicly owned and available possessions and intellectual property including exclusive rights over artistic creations and inventions however the latter is not always widely recognized or enforced an article of property may have physical and incorporeal parts a title or a right of ownership establishes the relation between the property and other persons assuring the owner the right to dispose of the property as the owner sees fit citation needed the unqualified term property is often used to refer specifically to real property overview edit property law part of the common law series types real property personal property intangible property unowned property acquisition gift adverse possession conquest discovery accession lost mislaid and abandoned property treasure trove alienation estates in land allodial title fee simple fee tail life estate defeasible estate future interest remainder concurrent estate joint tenancy tenancy in common community property leasehold estate land tenure freehold conveyancing deed quitclaim deed bona fide purchaser torrens title deeds registration strata title condominium mortgage equitable conversion action to quiet title estoppel by deed escheat future use control restraint on alienation rule against perpetuities rule in shelley s case doctrine of worthier title nonpossessory interests easement profit à prendre covenant equitable servitude lien usufruct license equity and trusts resulting trust constructive trust equitable interest beneficial ownership indigenous land rights native title aboriginal title indigenous land rights related topics bailment fixtures waste partition real estate mineral rights water rights prior appropriation riparian lateral and subjacent support assignment conflict of property laws property rights nemo dat quicquid plantatur other common law areas contract law tort law wills trusts and estates criminal law evidence higher category law and common law v t e property is often defined by the code of the local sovereignty and protected wholly or more usually partially by such entity the owner being responsible for any remainder of protection the standards of the proof concerning proofs of ownerships are also addressed by the code of the local sovereignty and such entity plays a role accordingly typically somewhat managerial some philosophers who assert that property rights arise from social convention while others find justifications for them in morality or in natural law citation needed various scholarly disciplines such as law economics anthropology or sociology may treat the concept more systematically but definitions vary most particularly when involving contracts positive law defines such rights and the judiciary can adjudicate and enforce property rights according to adam smith 1723 1790 the expectation of profit from improving one s stock of capital rests on private property rights 7 capitalism has as a central assumption that property rights encourage their holders to develop the property generate wealth and efficiently allocate resources based on the operation of markets from this has evolved the modern conception of property as a right enforced by positive law in the expectation that this will produce more wealth and better standards of living however smith also expressed a very critical view of the effects of property laws on inequality 8 wherever there is a great property there is great inequality civil government so far as it is instituted for the security of property is in reality instituted for the defense of the rich against the poor or of those who have some property against those who have none at all in his 1881 text the common law oliver wendell holmes describes property as having two fundamental aspects 9 the first possession can be defined as control over a resource based on the practical inability to contradict the ends of the possessor the second title is the expectation that others will recognize rights to control resources even when not in possession he elaborates on the differences between these two concepts and proposes a history of how they came to be attached to persons as opposed to families or entities such as the church classical liberalism subscribes to the labor theory of property its proponents hold that individuals each own their own life it follows that one must acknowledge the products of that life and that those products can be traded in free exchange with others every man has a property in his person this nobody has a right to but himself john locke second treatise on civil government 1689 the reason why men enter into society is the preservation of their property john locke second treatise on civil government 1689 life liberty and property do not exist because men have made laws on the contrary it was the fact that life liberty and property existed beforehand that caused men to make laws in the first place frédéric bastiat the law 1850 conservatism subscribes to the concept that freedom and property are closely linked building on traditions of thought that property guarantees freedom 10 or causes freedom 11 the more widespread the possession of the private property conservatism propounds the more stable and productive a state or nation is conservatives maintain that the economic leveling of property especially of the forced kind is not economic progress separate property from private possession and leviathan becomes master of all upon the foundation of private property great civilizations are built the conservative acknowledges that the possession of property fixes certain duties upon the possessor he accepts those moral and legal obligations cheerfully russell kirk the politics of prudence 1993 socialism s fundamental principles center on a critique of this concept stating among other things that the cost of defending property exceeds the returns from private property ownership and that even when property rights encourage their holders to develop their property or generate wealth they do so only for their benefit which may not coincide with advantage to other people or society at large libertarian socialism generally accepts property rights with a short abandonment period in other words a person must make more or less continuous use of the item or else lose ownership rights this is usually referred to as possession property or usufruct thus in this usufruct system absentee ownership is illegitimate and workers own the machines or other equipment they work with communism argues that only common ownership of the means of production will assure the minimization of unequal or unjust outcomes and the maximization of benefits and that therefore humans should abolish private ownership of capital as opposed to property both communism and some forms of socialism have also upheld the notion that private ownership of capital is inherently illegitimate this argument centers on the idea that private ownership of capital always benefits one class over another giving rise to domination through this privately owned capital communists do not oppose personal property that is hard won self acquired self earned as the communist manifesto puts it by members of the proletariat both socialism and communism distinguish carefully between private ownership of capital land factories resources etc and private property homes material objects and so forth types of property edit most legal systems distinguish between different types of property especially between land immovable property estate in land real estate real property and all other forms of property goods and chattels movable property or personal property including the value of legal tender if not the legal tender itself as the manufacturer rather than the possessor might be the owner they often distinguish tangible and intangible property one categorization scheme specifies three species of property land improvements immovable man made things and personal property movable man made things 12 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 throughout the last centuries of the second millennium with the development of more complex theories of property the concept of personal property had become divided by whom into tangible property such as cars and clothing and intangible property such as financial assets and related rights including stocks and bonds intellectual property including patents copyrights and trademarks digital files communication channels and certain forms of identifier including internet domain names some forms of network address some forms of handle and again trademarks treatment of intangible property is such that an article of property is by law or otherwise by traditional conceptualization subject to expiration even when inheritable which is a key distinction from tangible property upon expiration the property if of the intellectual category becomes a part of public domain to be used by but not owned by anybody and possibly used by more than one party simultaneously due to the inapplicability of scarcity to intellectual property whereas things such as communications channels and pairs of electromagnetic spectrum bands and signal transmission power can only be used by a single party at a time or a single party in a divisible context if owned or used thus far or usually those are not considered property or at least not private property even though the party bearing right of exclusive use may transfer that right to another in many societies the human body is considered property of some kind or other the question of the ownership and rights to one s body arise in general in the discussion of human rights including the specific issues of slavery conscription rights of children under the age of majority marriage abortion prostitution drugs euthanasia and organ donation related concepts edit main articles title property business and security of the following only sale and at will sharing involve no encumbrance general meaning or description actor complementary notion complementary actor sale giving of property or ownership but in exchange for money units of some form of currency seller buying buyer sharing sharing allowing use of property whether exclusive or as a joint operation host accommodation guest tenancy tenant rent allowing limited and temporary but potentially renewable exclusive use of property but in exchange for compensation renter lease lessee licensure licensor incorporeal division incorporeal division better known as nonpossessory interest or variation of the same notion of which an instance may be given to another party which is itself an incorporeal form of property the particular interest may easily be destroyed once it and the property are owned by the same party n a share aspect of property whereby ownership or equity of a particular portion of all property stock ever to be produced from it may be given to another party which is itself an incorporeal form of property the share may easily be destroyed once it and the property are owned by the same party easement aspect of property whereby the right of a particular use of it may be given to another party which is itself an incorporeal form of property the easement or use right may easily be destroyed once it and the property are owned by the same party lien lien condition whereby unencumbered ownership of property is contingent upon completion of obligation the property being collateral and associated with security interest in such an arrangement lienor lieneeship lienee mortgage condition whereby while possession of property is achieved or retained possession of it is contingent upon performance of obligation to somebody indebted to and unencumbered ownership of it is contingent upon completion of obligation the performance of obligation usually implies division of the principal into installments mortgagor mortgage brokering mortgage broker pawn condition whereby while encumbered ownership of property is achieved or retained encumbered ownership of it is contingent upon the performance of the obligation to somebody indebted to and possession and unencumbered ownership of it is contingent upon completion of obligation pledge pawnbrokering pawnbroker collision conflict inability for property to be properly used or occupied due to scarcity or contradiction the effective impossibility of sharing possibly leading to eviction or the contrary if the resolution is achieved rather than a stagnant condition not necessarily involving or implying conscious dispute n a security ward degree of resistance to or protection from harm use or taking the property and any mechanisms of protection of it being ward alternately in finance the word as a countable noun refers to proof of ownership of investment instruments or as an uncountable noun to collateral there may be an involvement of obscurities camouflage barriers armor locks alarms booby traps homing beacons automated recorders decoys weaponry or sentinels with land moats trenches or entire buildings may be involved with buildings or certain forms of transport turrets may be involved with information encryption steganography or self destruct capability may be involved with communications reliability channel hopping may be involved like immunity or attempt thereat from jamming with devices of proprietary design the respective compositions may be more mangled more convoluted and more complex than functionality warrants hence confusing or obscure for protective purposes though possibly to conceal unapproved copying instead with contractual rights retentions of collateral and risks of jeopardy of collateral may be involved securer protecteeship protectee warden ward violation edit general meaning or description the activities occurring in a way not beholden to the wishes of the owner committer trespassing use of physical and usually but not necessarily only immovable property or occupation of it trespasser vandalism alteration damage or destruction of physical property or to the appearance of it vandal infringement incorporea...
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