The property is the term used to refer to anything over which a company or person has a legal title, granting its owners certain enforceable rights over that asset. Therefore, they are the possessions that belong to a particular owner.
It can also be described sociologically as the set of rights and duties that define the relationship between individuals or groups with respect to the acquisition, use, possession and disposition of valuable and scarce things..
The essential point in the notion of property is that there is a recognized right of control over some things, which is granted to one or more people in particular and under certain limits, ruling out that others interfere..
By saying that there is a recognized right, it means that the infractions committed are dealt with by imposing known and approved sanctions..
The nature of the control granted to the owners varies considerably in the different legal systems, and there is not always a direct correspondence between legal theory and economic practice..
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It emphasizes that the owner must receive the benefits and pay the expenses generated by his own property. In economic theory, this attribute is reflected in the idea of “rivalry”, which means that the enjoyment of the benefits of a certain good effectively limits the benefit that others can obtain from it..
For example, if one person harvests corn from a particular plot of land, other people may no longer be able to find corn to harvest..
On the contrary, the enjoyment of non-rival goods does not limit the enjoyment of others. Non-rival goods are usually abundant, for example, the air you breathe or a view of the mountains.
It implies that the owner of a certain property can prohibit others from entering it at his discretion, without authorization. It is also one of the main attributes of private goods in general in economic theory, which holds that a good is excludable if another can be prevented from benefiting from it..
It implies that the owner of a property can sell, lease, transfer or give away in some way some or all of the rights associated with it.
It gives the owner the right to control, manipulate, improve or invest in their property. Allows the owner to participate effectively in the free market by weighing the imagined costs and benefits of various options and choosing the one that seems best to him.
Owning property can mean having power over other people. Money and other tangible and intangible elements, such as having a good notoriety, can be the basis of power.
Having exclusive rights over something that is scarce and valuable necessarily implies the possession of power over others who also want the scarce and valuable things.
The amount of power that is given to the owner depends not only on the definition of his rights, but also on the intensity of the need of others for what he owns..
Private property designates a legal and non-governmental entity with the possession of a property. This can include personal property or capital assets.
The concept of private property is supported and reinforced by the political system of a country. In addition to that, a property is considered private property when it is owned by an individual or a legal entity for personal use and benefit..
Public property belongs to the public and is owned by the state. Therefore, the property belongs entirely to the general public and not to an individual or a company..
Personal property corresponds to any object that belongs to a person. Its most important characteristic is the portability of the thing that the person owns.
All types of movable and tangible properties are included in this category. For example, furniture can be felt or touched and can be moved from one place to another freely.
On the other hand, real property is a much broader concept, which includes land, things attached to the land, and any development or improvement that takes place on the land. This includes real estate.
In addition, aggregates such as steel, wood and cement used to make that development or improvement on the land are also part of a real property..
Represents those assets that constitute a real or potential value, but do not have an intrinsic value as such, such as savings and bond certificates.
Although these items are simply pieces of paper, they can represent significant amounts of money once the savings are redeemed and the bonds mature..
Other types of intangible property, such as brand awareness, are more confusing and cannot be indicated by a paper document.
Intangible properties such as song lyrics, books, and scripts are classified as intellectual properties. Although these entities are not physical in nature, they can have significant value.
Examples of property that can be tangible or intangible property of an individual or corporation include the following:
- Land.
- Buildings.
- Patents.
- Copyright.
- Industrial equipment.
- Furniture.
- Motor vehicles.
- Real estate, which is often referred to as "real estate".
- Parks.
- Hospitals.
- Public toilets.
All other services or facilities that are administered by the government or by a community for the benefit of the public are also public property..
For example, furniture, tables, kitchen utensils, cars, watches, etc. are part of personal property.
Examples of the type of real property will include everything that is attached to the land, that is, islands, mines, crops, buildings, machinery, wells, roads, etc..
Bonds, copyrights, securities, franchises, bank accounts, etc., are intangible because they cannot be touched or felt, but they give the owner the specific right to do or use something.
Other examples of intangible property are the famous Nike logo and the chemical formula for Coca-Cola..
Properties are considered assets because they represent money value. However, in certain circumstances properties can become passive at the same time..
For example, if a client is injured on business property, the business owner may be legally liable for having to pay the injured party's medical bills..
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