What Is Property?

Property in the broadest sense is what belongs directly to or on top of something, whether as a physical entity or as an aspect or attribute of that thing. It is something that belongs to, and is part of, a thing. There is no such thing as property that can be considered abstract in any way, since all things are either parts of things or parts of other parts of things, and each thing has a separate and independent existence. Abstract property is not something that is possessed by something and then transferred to something else, but is something that is inherent in a particular thing and are inseparable from it.


A simple example of abstract property is color. All colors are part of the entire spectrum. So, the color is property. In addition, just because something is colored doesn’t mean that it can be used for personal gain or put on display for anyone’s viewing pleasure. If a thief sees a house that is red, he cannot go on to steal the contents, he will just look around and see other houses that are, in fact, white. This is why property rights are always considered in the most absolute manner.

However, to be more exact, abstract property is the “right” to enjoy a particular asset without having to transfer or possess it. Now, to understand this, let’s consider the very first example: a person steals a car. But the person steals the car because he loves the color. He doesn’t own the car, and therefore, the person who owns the car has an abstract “property right” to that vehicle, which is equivalent to the person stealing the car. This is, however, just an extreme example – property in reality is much more complex than this.

The simplest definition of property is the right to enjoy something without having to obtain or own it. This means that a person can choose to enjoy the property without spending a single penny in acquiring it or establishing or owning it. Abstract property is not something that can be taken or transferred, since it is not physical in nature. It is only a right that exists by virtue of a legal fiction: contract.

By contracting with others to exchange some form of value for a particular property, a legal entity – i.e., a creditor – is said to own the property. This happens whenever a loan is made out against the property to pay off some debts. In fact, even when the value of the property is less than the debts of which it is a principal, the creditor still owns the abstract piece of property.

The reason for this is that the property is merely a legal form, by which a creditor can claim a right to the abstract property in question. Once the debt is satisfied, the creditor is free to sell the property as he originally did. But he must ensure that the transaction is one which respects all applicable laws – the contract which includes a clause which ensures that the creditor will be paid his money regardless of the property’s value after the debts are satisfied. In short, the creditor owns the abstract property, but is only entitled to receive payment for the money it costs him to buy it.