The earliest ideas of property were intimately associated with the procurement of subsistence, which was the primary need. The objects of ownership would naturally increase in each successive ethnical period with the multiplication of those arts upon which the means of subsistence depended. The growth of property would thus keep pace with the progress of inventions and discoveries.
This stage was followed by the next important era of Feudalism which means that all land was held by the Monarch and estates in land were granted to lords, who in turn parceled out property to tenants. The lower class of serfs or peasants were bound to work but not allowed to own the land.
However, the Industrial Revolution altered this process and made all the necessary changes required by eliminating inequality and serving the purpose of being a tool in the hands of those who deserves as opposed to those who don’t deserve to own any property.
The concept of Property, in modern times, can be defined as-
“Property law is the area of law that governs the various forms of ownership and tenancy in real property (land as distinct from personal or movable possessions) and in personal property, within the common law legal system.”
From this definition we can deduce that Property Law has two basic types-
11111) Real Property
Real property, real estate, realty, or immovable property can be defined as any subset of land that has been legally defined and the improvements to it have been made by human efforts: buildings, machinery, wells, dams, ponds, mines, canals, roads, etc. In other words, Real property is a type of property which is immovable and belongs to a particular person or persons.
2) Personal property
Personal property is generally considered property that is movable, as opposed to real property or real estate. In common law systems, personal property may also be called chattels or personalty. In civil law systems, personal property is often called movable property or movables – any property that can be moved from one location to another. Accordingly, personal property is what belongs to a person which can be moved or transported.
IMPORTANCE OF PROPERTY LAW
A research by Daron Acemoglu and Simon Johnson for the Journal of Political Economy, Chicago revealed that well-defined and enforced property rights are most important in shaping long-run economic growth and thus prosperity. Seems fitting when you consider the fact that a person’s right to his property is one the basic rights in today’s time; when it is highly prone to maximum exploitation.
It is important to understand that private property rights are the basis of individual freedom and economic security. Without private property rights there is no way to check the power of the state over the individual. When the state gains control over private property rights the ability to create wealth stagnates or even declines, thereby creating poverty and misery rather than freedom and wealth. So, Property Law enables an individual to create wealth for himself and at the same time push the growth of the nation’s economy.
Property is not just land but also buildings, contracts, money, retirement funds, savings accounts, machines and even ideas. In short property is the fruit of one’s labor. The ability to use, enjoy, and exclusively possess the fruits of one’s own labor is the basis for a society in which individuals are free from oppression. Hence, protecting the rights accompanied by the property is an essential for the overall development of the standard of living of the people.
At Legato, we help you get aware of these rights by connecting you with Legal professionals who are experts in the field of Property Law. Since this field covers a large area of law, it is always advisable to go for multiple opinions and we can provide you with the best people in the field. These aforementioned professionals can help you in checking of the legitimacy of any property dealings and also virtually carry out such dealings for you. Since every professional is a member with us, we verify their backgrounds and test their knowledge before matching them with their suitable hirer. Therefore, these individuals are trustworthy and come with a promise of excellence from us.