law is that law which governs different types of properties
and their ownerships. These include real property and personal
property, according to the common/ general law system followed
in most states or countries. However, according to the civil
law system (which is the traditional law followed in some
countries, and deals with personal relationships), property
law is divided into two categories, namely, movable and immovable
Movable property is similar to personal property in the common law system. It is any property that can be moved from one place to another such as goods, money, etc. Where as immovable property refers to the real property or the property which cannot be moved such as land, buildings, etc.
Property law defines different principles to enforce real and personal property. This is essential because of the fundamental difference between the two property types. There are certain basic issues addressed by the property law in general:
In terms of possession, any person possessing a property can take action against any other person interfering with it, unless of course, the other person has a greater right over the property in question.
According to the property law, different proprietary interests have different priorities in terms of their interest in a particular property. This is based on their place in the hierarchy, which is used to sort out any conflicts pertaining to the claims made to a property.
One can gain interest in a property through gifts or sale of the property. Also it can be achieved through the will of a deceased person. A property can also be transferred independently from one person to another, in case the owner of the property dies without a will (intestate) or goes bankrupt.
Real Property Law
Under the common law property law, real property law handles the issues related to the ownership of land owned by the government, state, companies, or individuals. According to the property law, real property not just includes the tangibles, but also the relationships between different owners of property/properties, the right to pass on a particular property, and different types of ownerships of a property. There are different types of ownerships, some of which include:
Freehold: In this type of ownership, the owner has complete right over the real estate. He/ she can use it as per their requirement for any lawful purpose, and it to anyone they wish.
Life Estate: This is the right of interest in a real estate granted to a life tenant till he/ she is alive, who can then use the property for any lawful purpose, but not necessarily sell it.
Estate for Years: This again grants right of interest in a real property to a tenant, but for a certain period of time.
Leasehold: It grants the right to use a real property according to the terms of a lease.
Co-tenancy: In this the right to a property is shared by more than one person.