Property law covers that area of law and which helps in regulating the different kind of ownership and tenancy in real property and personal property. In the civil law, there is a difference between the movable and immovable property. Movable property is the personal property while immovable property is the real estate property which is comprised with the certain rights and duties of the individual.
Real property is the property in which owner has the right over the property which is attached to the earth like trees, fences, any building, home etc. In this, the owner has also right over the groundwater, earth minerals etc.
Personal property is that which covers the items which are tangible or visible in nature like coins, stock, airplanes, books etc. Even it also includes the intangible property which cannot be seen, cannot be touched like trade marks, copyright, patents, debts etc.
There are bundles of rights which are available when any person has owned his property. The most important rights which are available to the owner of the property are:
- Right to exclude
- Right of possession and use of property.
- Right to transfer the property
- Right to give the property on lease
Right to exclude others: Party under the property law has the right over the property and they have rights to exclude the person from using their property. It generally prohibits the neighbors and strangers from doing the trespassing on the property. It is necessary that the owner can take any action against the person who entered into his property. They have rights to exclude others from entering into their property.
Right to transfer the property: The second stick of the property law is the holders of the property have the right to transfer their property to any third party. Holders of the property have the right to transfer the property without taking permission from anyone. He has the right over his property. The holder can transfer his property to any other person by way of gift or sale. The individual also gets the interest on the property which is under the trust. It is very easy to transfer the property from one person to another independently by the consent of the holder of the property. If any person transfers, then the property must not:
- The holder has the right over the property.
- Any public office cannot be transferred by the individual.
- The stipends which are allowed by the government to the military, air force, naval that they cannot transfer the property.
- If any person who has no right over the property, then it will not be transferred to the other person.
- It is necessary that the person who wants to transfer the property must be competent for disposing the property or transferred the property.
- The person who has no authority, then he cannot transfer the property to any person.
Property can be transferred to the third party orally. It is not necessary that property is transferred to the third party must be in written in the case which is expressly required by the law.
Right to possession and use of property: The third stick in the bundle of rights is that the individual has the right to possess and use the property. This concept has been developed for the legal system. It helps the individual in taking the possession of the property and any goods.
Right to give the property on lease: Property serves many purposes and holder of the property has the right to give his property on the lease for any purpose. It can be for the agricultural purpose, or setting up industry etc.