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What is Property Law?
Property law is the collection of laws regarding the possession and sale of land, buildings, and other real property. It can also include tangible and intangible personal property, but real property is usually the focus.
The laws of countries establish and regulate property rights, including the various interests that a land or dwelling unit may have, such as easements, covenants, and equitable servitudes. These laws distinguish between types of property, such as personal vs. real property (immovable vs. movable) and between public property (state-owned) and private property (individual-owned). Private persons may own properties directly or indirectly through trusteeships or other entities. The rules that govern direct ownership are of particular interest to legal researchers studying civil jurisdiction in countries which are common law jurisdictions. The rules that govern indirect ownership will be of most interest to researchers studying civil procedure (court procedure) in common law jurisdictions.
Real property includes land and interests in land, while personal property (movable or intangible property) includes anything that is movable. Property rights commonly control the transfer of these interests from one individual or entity to another, through such means as contracts, mortgages and deeds.
The system of ownership and control over immovable and movable properties is known as title. The most common and, perhaps, the most effective means of transferring title is a mortgage. A mortgage is a contractual agreement whereby one party (the “mortgagor”) transfers title to property to another party (“mortgagor’s mortgagee”), in return for payment of a sum of money.
Types Of Property Law
There are three types of property law, each with its own code.
- Jurisdiction: Property is a legal concept, one of several types of subjects in the law. Property is not just a set of rights or privileges that can be exercised by an owner of property; it also serves to distinguish between different types of subjects in the law and their legal status. In some jurisdictions, this distinction can be given a more precise definition—for example, whether the subject was created by God—while in others it may be given only general or moral explanation (e.g., “property is an object that one can do with as he pleases”). In common law jurisdictions, property is generally regarded as an objective concept, whereas in civil law jurisdictions, property is generally regarded as a subjective concept. The exact definition of property under any given legal system is therefore subject to debate.
- Legal considerations: Ownership is the relationship between a person or entity and a thing which is defined by law as property. This relationship gives the owner rights to that property as well as obligations. The owners of property have the power to transfer or otherwise dispose of it, and in most instances also have responsibility for its care and maintenance.
- Transfer of ownership: The law must determine the way in which ownership (and other legal rights over) things will be transferred from one person’s hands into other people’s hands, whether by sale, gift, inheritance, judicial decree or some other mechanism (see also: life estate). Property and ownership are one of the most important security devices that protect the economic interests and social interactions of people.
Importance Of Property Law
Property law is of critical importance to society, with its regulation and supervision providing the legal framework for many of society’s most fundamental relationships. Property law covers a vast range of different legal issues, ranging from ownership itself (e.g., what constitutes ownership of land or a building), via such legal issues as security interests in property (e.g., sale and leasebacks), to regulatory issues (e.g., zoning laws) that affect the use and value of land in one way or another.
Property law provides the framework for an enormous number of social relationships—ranging from contractual arrangements, through corporate structures and partnerships, to the allocation and control of resources (such as water or oil). It is based on the principle that certain transactions and relationships can be said to have legal effects, so that a transaction or relationship may be valid even though it is not enforceable under general common law. Thus, a contract can provide that one party’s liability to pay in the future will be limited to the amount of money paid at present. Consequently, property law plays an important role in many contractual arrangements such as sale-purchase agreements and mortgage loans.
Topics Studied Under Property Law\
- Types of Property
- Ownership and Possession
- Rights of Occupancy, Easement, and Access
- Rights in Rem
- Title and Boundaries of Interests in Land
- Land-Liability Actions
- Estates in Real Property
- Leasing a Building or Space Within a Building (Commercial Leases)
- Security Interests in Real Property
- Appurtenant Rights of Third Persons
- Property in Trust
- Leases and Contracts for Leasing Business Establishments or Buildings
- Title to Unnecessary Personal Property and Other Personal Property (Personal Property)
- Rights to Personhood (Adoption & Custody)
- Divorce From the Family
- Property in a Person Living Apart from the Family (Domestic Relationships)
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