Scope of this Act is limited. This site uses Akismet to reduce spam. When I do an estate plan for a client, I ask for a list of all the client’s real property and intangible personal property. It’s the baseball card collection, jewelry, furniture, housewares, clothes, automobiles, coin and stamp collections. The right of ownership of real property is not absolute, as governments may regulate the use of the land through zoning laws. Under the law, though, there are three categories of property. I want to know what needs to go into a trust and what can safely remain outside of a trust. Important articles and study material on Property Law – Click on the link to Read, Property Law – Notes, Case Laws And Study Material. 4) Public property and private property - Before that, the transfer of immovable property was governed by principles of English law and equity. Personal property can be divided into two major categories: tangible and intangible. The Act is not exhaustive. It applies only to transfer by the act of parties and not by operation of law. Real property is land and buildings. Its a good effort. For trust-based plans, I provide an ancillary document called a Personal Property Memorandum. Personal property is any tangible property other than real property. Your email address will not be published. My Will says that attached to the Will document may be a list of tangible personal property and who gets various items. Notes r really good. Most people have two types and some have all three. Your valuable feedback in the form of comments or any desired inputs are encouraged and always welcome. a) Real property - The real property includes all rights over land with such additions and exceptions, as the law has deemed fit. An appreciable work. Single-family homes may include detached or attached homes, e.g. Property Law – The Transfer of Property Act came into existence in 1882. Apartment buildings or multifamily units allow many crowded areas to obtain housing for people. Tangible property includes such items as animals, merchandise, and jewelry. Real property rights law also applies to anyone entering a lease or other agreement to rent real property for any purpose. Intellectual property is an abstract concept that requires rights for intangible property, and as such, the property rights law regarding intellectual property is very complex. The three main types of property are real property, personal property, and intellectual property. I don’t ask for lists of tangible personal property. Sections should be included. Tangible personal property is a large category of what people own. Property law can protect against graffiti and other vandalism. Next time you think you don’t “own” anything, think about the three types of property under the law and remember that just about everyone owns some form of property. What distinguishes property law from other kinds of law is that property law deals with the relationships between and among members of a society with respect to “ things.” The things may be tangible , such as land or a factory or a diamond ring, or they may be intangible , such as stocks and bonds or a bank account. Property usage rights are limited not only by law, but also by the owner of the real property through their lease agreement.
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