Property Law

Property Law are the principles, policies, and rules by which issues and matters arising over property(s) are settled and the method by which property transactions are structured. The major difference between property law and other types of law is the fact that property law deals with the relationships amongst members of a society or group of persons with respect to “things.” These things may be tangible, such as land or a building or a diamond ring, or they may be intangible, such as stocks and bonds or a bank account

. Property law also deals with the allocation, use, and transfer of wealth and the objects of wealth such as an interest in a property.

While Property is anitem or thing owned with the rights of possession, use, and enjoyment, and which the owner can bestow, collateralize, encumber, mortgage, sell, or transfer, and can exclude everyone else from it. There are two basic kinds of property and these are:

(1) Real (land) Property

and

(2) Personal (anything other than real property)

Personal Property is subdivided into tangible property (any physical object) and intangible property (intellectual property).