Property Law
Firstly, let us look at some definitions of property. According to Roman Law, property is basically means that one has the right to use something in which ever way providing that it is within the limits of the law. Black’s Law Dictionary says that, in the strict legal sense, [property is] an aggregate of rights which are guaranteed and protected by the government”
This is another law which is of prime importance and especially so, in countries hailing from a primarily capitalist background. The function of laws on property is to regulate possessions belonging to people and institutions as well. There are different kinds of property as well and these include real property, personal property and so on. Under personal property there are further subdivisions of intellectual property, company law, trusts and commercial law as well. Here you may ask as to what is “real property”? Real property is basically called “real estate” and covers land and all the things attached to that particular land. Personal property includes movable assets and can include everything else, right from jewelry, gadgets, cars, and even property which cannot be seen, touched or felt, but exist on paper, like stocks, shares and so on.
One of the most complicated forms of law or rather, property law, is that of land law. There are many aspects which fall under the purview of land law and these include mortgages, licenses, agreements or covenants, easements, rental negotiation and so on. Within the purview of the civil law system there is always a very clear distinction between what is known as movable and immovable property. Movable property is like personal property while immovable property concerns real estate which is also called real property. And as is obvious, there are certain rights and duties which are associated with real estate or real property.
There is however, a difference between property rights and contractual rights. Property rights are rights which are prevalent over objects which can be enforced against other people. Contractual rights on the other hand are different. These are rights which can only be enforced or implemented only certain people. There are certain times or situations when and where both these kinds of rights can overlap and this is when there are certain property rights which originate from one particular contract. For example damages are sued for on the contract and here both the rights are required. So there are always certain exceptions. Then again, property rights are also different from personal rights.
Real property generally has two sub-divisions.
Firstly, there are corporeal here ditaments. This term refers to real property like land which can be touched or felt. That is, tangible property basically.
Secondly, there are incorporeal here ditaments. This concerns real property which is intangible. An example could be an easement of way.
