Property can be categorised into several types based on different criteria. The most common way of classification is to categorise it into real property, personal property and intellectual property.
Real property: Also known as immovable property or real estate, it refers to land and anything permanently attached to it, such as buildings, houses, trees, and underground resources like minerals and oil.
Personal property: Also called movable property, it includes items that are not permanently attached to land. Personal property can be further divided into tangible and intangible property. Tangible personal property includes physical objects that can be touched or moved, such as vehicles, furniture, jewellery, and electronics. Intangible personal property includes property rights that don't have a physical presence, such as intellectual property (patents, trademarks, copyrights), stocks, bonds, bank accounts, and digital assets.
Intellectual property: Intangible property rights that are created through intellectual or creative efforts. This includes copyrights, trademarks, patents, and trade secrets that protect original works of authorship, inventions, brand names, and confidential information.
It should be noted that property can also be categorised into public property and private property on the basis of ownership.
Public property: Property owned by the government or public entities for public use and benefit. Examples include public parks, roads, libraries, and government buildings.
Private property: Property owned by individuals, corporations, or non-governmental entities. Private property can include both real and personal property, such as privately owned homes, businesses, vehicles, and personal possessions.
In some jurisdictions such as California, private property may fall into community property shared by both spouses or partners.
Community property: A legal concept in some jurisdictions where property acquired during a marriage or partnership is considered jointly owned by both spouses or partners. This type of property division is recognised in some U.S. states and countries.
These are general categories of property, and the specific types and classifications may vary depending on legal systems and jurisdictions.
You can learn more about this topic with our Property Law notes.
