Property in the legal sense is what belongs either to or on something, whether as a part of or as an element of that thing. It is the right and ownership of something. Anything owned can be regarded as property.
A common example of a property is land. The land can be used to build houses, create crops, etc. Under such a situation, one’s title to the land automatically passes to his children, even if they do not use the land. In other words, the property automatically passes from one generation to another without there ever being any giving, or transfer of title. This is why property is also called ‘real estate’.
Unlike most other things, the property does have boundaries. This is because of human beings’ need to maintain and control the boundaries of their property. This is one reason why property law was born. Another reason is that humans need to be able to distinguish between things that belong to them and things that belong to others (e.g., animals and plants). In this regard, it must be noted that property does not include abstract things like concepts or ideas.
There are two basic principles that govern property law. One is property is not a right but a power, and the other is that ‘land’ includes abstract things like streets and abstract buildings. These are the two foundations on which property law is based.
In a country where there is no property system in place, a dispute between two individuals arises when one claims ownership of a piece of property and the other denies it. When these two parties meet in court, the property’s owner is required to first offer the other party some sort of compensation for his loss or destruction of the property. If he refuses, then the case is considered a lawsuit, and the plaintiff is entitled to compensation as per the law. On the other hand, if the owner simply refuses to give compensation, then the plaintiff is allowed to trespass onto the property and remove whatever goods or property he needs.
Property law also ensures that people have a home to live in. This is done through different methods, including lease agreements. In the United States, however, property law provides guarantee that all individuals have the freedom to own, rent, sell, and lease property. It is important to note, though, that these rights are limited by federal and state laws, so that the ownership of real estate is at risk if the owner is unable to pay up.