Property law is the area of law that governs the various forms of ownership and tenancy 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.
Differentiate the legal forms of property: Property is anything that has a cash value. Property law is a set of legal rules that controls the use, enjoyment, and rental of property. Many of the laws affecting property were established by English courts hundreds of years ago.
Property law can be divided into three categories; personal property, real property, and intellectual property.
Personal property: is defined as private property that is considered moveable. These generally include items such as furniture, clothing, jewellery, art, writings, or household goods.
Real property: considered real estate, realty, or immovable property is any subset of land that has been legally defined and the improvements to it have been made by human efforts: buildings, machinery, wells, dams, ponds, mines, canals, roads, etc.
Intellectual property: is a legal concept which refers to creations of the mind for which exclusive rights are recognized. Under intellectual property law, owners are granted certain exclusive rights to a variety of intangible assets, such as musical, literary, and artistic works; discoveries and inventions; and words, phrases, symbols, and designs. Common types of intellectual property rights include copyright, trademarks, patents, industrial design rights, trade dress, and in some jurisdictions trade secrets.
Property law is the notion of something being owned and the object being protected by the government. Although the Canadian Charter of Rights and Freedoms does not expressly provide for the protection of property rights, property rights are created and are therefore protected by common law and by statute law, although both can be changed by legislation. Compare various forms of property rights:
The rights of the owner to the property involves all damages and leasing or renting out their property to a tenant. Ownership of property may be private, collective, or common and the property may be objects, land/real estate, or intellectual property. Determining ownership in law involves determining who has certain rights and duties over the property. These rights and duties, sometimes called a 'bundle of rights', can be separated and held by different parties. Although, there is usually a written or discussed agreement, there are very distinct rules to follow when giving someone else the right to your property.
Describe the types of transactions related to property: The purpose of a transaction is to please both parties. The buyer and the seller must agree on everything and formally sign documents so there is a form of written agreement as well as verbal. The buyer is usually recommended to contact a lawyer as soon as possible to discuss steps which will provide an estimate of legal fees and other costs to allow you to accurately budget for the entire transaction. The Contract of Purchase and Sale is…