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What is real property and personal property?

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0 2022-08-11T20:03:32+00:00
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Hello, Property has a broad meaning in its real sense. It not just includes tangible items of value like money but also includes intangible items. These include everything that can be a source of wealth or income. In this answer, I will tell you the meaning of property as well as what is real property and personal property. Explore a Variety of Real Properties on NoBroker   Take a Home Loan at Attractive Interest Rates through NoBroker to Buy a Real Property!

Meaning of Property

“Property” refers to anything that somebody – a business or a person has a legal title over. By having a legal title, the owner has certain enforceable rights over it.

Real and Personal Property Definition

Modern law distinguishes between personal property (examples of personal property include money, furniture, clothing, etc.) and real estate (some examples of real estate are land and everything attached to it). Personal property is movable. Anything (except land) that can be subject to ownership is personal property. Personal assets are of two types: intangibles and chattels. You can touch and feel chattels and can move them from one location to another without any destruction. Bank accounts, trademarks, patents, franchises, securities, bonds, copyright,  etc. are intangibles that one can’t feel or touch but they give the owner a certain right to do something or the right to use something. On the other hand, real property is immovable. Land and anything attached to the land is referred to as real Property. Read more: What is movable and immovable property? What is Private Property? What is property tax in India? I hope you liked my answer on what is real property and personal property.

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