REAL PROPERTY AND PERSONAL PROPERTY
What is the different between Real Property (Realty) and Personal Property (Personalty).
REAL ESTATE AND PROPERTY LAW PRACTICE IN NIGERIA
REAL PROPERTY AND PERSONAL PROPERTY
Definition of Real Property
The word "real” is derives from a Latin word "res" which mean a thing.
Real Property is land and anything growing on, affixed, attached or built on the land
According to "Collins Dictionary Of Law" defines land as not only the physical surface of land but everything growing on or underneath that surface anything permanently affixed to the surface (such as building) and the airspace above that surface. Since this definition of land and real property is land. So therefore real property encompasses the definition of land.
Another definition of Real property is land and any property attached directly to it including any subset of land that has been improved through human action.
Examples of real property are building land, mineral on and underneath the land, road, crops.
Real property possesses the following characteristics. Real Property is immovable. It cannot be transported from one place to another also a road cannot be transported from one place to another.
Another characteristic of a real property is that it is permanent. A real property is permanent and not perishable and cannot go out of existence, e.g. land, land as an example of real property is indestructible.
Definition of Personal Property
In a common law system, personal property may be called chattels or personalty .In a civil law system Personal Property is called movable property or movable.
Therefore, personal property is property that is movable.
The Legal definition of personal property is anything besides land that maybe subject to ownership. Personal property consist of movable article both corporeal, e.g. furniture or incorporeal as stocks or bond.
Title to personal property may be acquired by original acquisition by occupancy, finding a lost property or a thing, by intellectual labor acquisition such as copyright, trademark. Also personal property can also be acquired by insolvency, intestacy, e.g will and also by gift or sale
Personal Property is property that is not real estate or attached to real estate but they are on or in real property are cars, Jewelry, furniture, trademarks, copyright etc.
There are two types of personal property that are called Tangible personal property and intangible personal property. Tangible personal property can be moved from one place to another, it is movable and can be touched and feel, e.g furniture, equipment, computer and so on. While intangible personal property is an item of value and cannot be touch, feel or see example are copyright, trademark, patent, also insurance policies, bank account, licenses, bond etc.
Difference between Real Property and Personal Property
Real property and personal property can be distinguished in different ways considering from their definition, characteristics and types some of the difference are listed below.
• Real Property is land and anything attached to it, while personal property is anything you own other than a real property, it is anything that can be subject to ownership eg tangible and intangible personal property.
• Real Property is immovable property they are fixed, permanent while Personal property unlike real property is not fixed or associated with land. So, if real property are described as immovable, personal property including of any kind as long as they are movable that is movable that is move from one place to another.
• Real Property is mostly tangible, something one can feel ,see ,touch while personal property is both tangible (equipment) and intangible (intellectual property)
• Real Property does not only include things that are permanent on a land or a land itself but also include what is beneath and above those things, eg crude oil while personal property mostly deals with movable things, as long as they are not attached to the land.
• A real property can be pledged as collateral for a loan because it is permanent and immovable; the lender can access it, eg house, land while personal property cannot be used as collateral for loan because it is not fixed.
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