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Definitions on the web:
Property law is the area of law that governs the various forms of ownership in real property (land as distinct from personal or movable possessions) and in personal property, within the common law legal system. In the civil law system, there is a division between movable and immovable property. Movable property roughly corresponds to personal property, while immovable property corresponds to real estate or real property, and the associated rights and obligations thereon.
The concept, idea or philosophy of property underlies all property law. In some jurisdictions, historically all property was owned by the monarch and it devolved through feudal land tenure or other feudal systems of loyalty and fealty.
Though the Napoleonic code was among the first government acts of modern times to introduce the notion of absolute ownership into statute, protection of personal property rights was present in medieval Islamic law and jurisprudence, and in more feudalist forms in the common law courts of medieval and early modern England.
Property law is an area of law which governs the different types of real property and personal property ownership within the common law system. In order to understand the concepts and ideas behind property law, it would be important that you first understand what real property and personal property are.
Real property refers to the land and the improvements which are the result of human efforts. This would include machinery, buildings, the acquisition of different property rights and others. Real property is also referred to as real estate, realty or immovable property. In countries that allow the personal ownership of real property, the civil law protects the realty markets while realtors work in selling real estate in the market.
On the other hand, personal property is private property which is moveable. In common law systems, personal property could also be referred to as personalty or chattels. In civil law systems, it is often referred to as movables or movable property, meaning any property which can be moved from a location to another.
Intangible personal property or “intangibles” would be personal property which cannot actually be touched, felt and moved. Instead, it represents something which is of value like negotiable instruments, service, securities and other intangible assets.
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