Property Law

Property Law – Clever Introduction

Property Law – Introduction


Clever Content

  • What is property?
    • Tangible
    • Intangible property.
  • What are the 2 main classifications of property?
  • Real Property
    • Fixtures and fittings
  • Personal Property
    • What are Chattels?
    • Wasting Chattels
    • Non-wasting chattels
  • Can people be property?
  • What is ownership?
  • Who is the ‘owner’ of property?
  • What is mislaid property?
  • What is lost property?
  • What is abandoned property?

What is property?

Definition: Property is 'that which a person owns; the possession or possessions of a particular owner'. www.dictionary.com.  It may refer to an object or to the legal rights connected with that object.

Tangible Property

This is physical property that you can touch. E.G. A house, car, handbag, computer.

Intangible Property

This is ‘Property without a physical existence’ Some intangible property might have a paper embodiment, (such as stocks, bonds, or certificates) but other intangible property does not (goodwill, intellectual property, reputation).https://www.law.cornell.edu/

What are the 2 main classifications of property?

The two main classifications of property are Real and Personal Property.

Real Property

This refers to land and anything attached to the land, growing in it or built on the land. Including buildings, roads, sewers, rivers, lakes, fences.

It is best remembered as ‘immoveable’ property which is land and items fixed to land or a permanent structure such as a building.

A tree is classed as real property as it is a permanent structure built into or part of the land unless it is clearly stated that the tree does not come with the property and the owner will be removing the tree.


Fixtures and fittings

Fixtures and fittings are classed as real property if they are permanently attached to the land or buildings. They must be attached in a way that they are considered to be part of the main property and immoveable.

For Example. When buying a house, a portable BBQ would not be considered as a fixture or fitting or part of real property as it can be easily be moved from the property without much effort or damage to the main property. A brick build BBQ would be classed as real property as it is clearly a permanently fixed, immovable structure and would take great efforts to remove it.


Personal Property

This is anything other than real property that can be owned. Personal property is not fixed permanently in one location and is movable. It can be moved with general ease. It can be removed without leaving any damage and does not require any complex or involved (invasive) procedures.

E.g Furniture, fridge, money, pets, computers etc.


What are Chattels?

These are also personal property. They are ‘tangible’ moveable property’.

E.g. Antiques, jewellery, Art etc.

What are the two classifications of Chattels?

Wasting Chattels: For UK tax purposes, a wasting chattel is a chattel with a useful life not exceeding 50 years. Machinery is considered to have a predictable life of less than 50 years. Example: Clocks, trains, boats etc are all classed as machinery and are considered to be Wasting Chattels’.

Non-wasting Chattels: This is any tangible movable property with an expected life of more than 50 years. E.g. Antiques, fine art, jewellery.


Can people be property?

Property can be moved, discarded, or demolished and are easily replaced. People are not property. A person cannot be treated in any of these ways and cannot be owned by anyone.


What is ownership?

Ownership is ‘legal title' to property with an exclusive legal right to its possession. It is ‘the full and complete right of dominion over property. Collins Dictionary of Law © W.J. Stewart, 200

Co-ownership, occurs when more than  one person has a legal interest in the same property.

Ownership outlines a set of legal rights over real or personal property.

When you buy a property, certain rights related to the property are automatically conferred [passed] to you. The basic rights of a homeowner might pertain to the right of admission, right to control, exclusion and possession, among others. www.99acres.com

Ownership is, therefore, a set of legal rights associated property.


Who is the ‘owner’ of property?

The person with 'Title' to the property is the legally recognised owner of that property. They are free to do what they want with the property (depending on legal rules and limitations that may be applied to the property) They may transfer ‘title’ of the property to another person.

If an owner has borrowed money to purchase the property. (Mortgage, hire purchase agreements, etc) then they may have partial rights to the property. The remaining rights are held by the lender.


What is mislaid property?

This is property that the owner has put in a specific place but has forgotten to take it with them or they may not be able to remember exactly where they put it.

For example.

You put you car keys down somewhere and you cannot remember where.

You put your coat on the rack above your seat in the train and left without it.


What is lost property?

This is where the owner of the property cannot find it and has no idea where it is.

For example.

You dropped your wallet and you do not know where it is.

Note: If anyone finds lost property they must return it to the owner or another person entitled to receive, such as an appointed agent, or the police.


What is abandoned property?

This is where the owner has left the property and has no intention of having it back. They have given up their rights of ownership.


More Cleverness:  Main Page


See our 'About Us' page and share your Cleverness with the world.


Main Image: Image by Alexas photos from Pixabay 


To add to this post please use the comments box below or click below to go to our Clever Contributor page and promote your business for FREE.

Share Your Cleverness With Our Clever Community

We love to hear from you.


 

Posted in Business Law, Property Law, Sales of goods.