All About Property
Property may refer to any tangible or intangible asset a person or institution has title to or ownership rights of. Generally speaking, it also implies the legal relationships established to regulate ownership. It can be classified into two major categories: real and personal. The former encompasses land and buildings, while the latter covers all other possessions. It is a concept that has been viewed from a number of different perspectives throughout history, and the meaning of the word continues to evolve in response to societal changes and social problems.
The word comes from the Latin proprius, meaning “one’s own.” As such, it can be interpreted in several ways. A more common interpretation is that a property right is an intangible claim of ownership over something such as a house or car. It can also refer to an intangible entity such as a contract, a business, or even a human being.
A fundamental issue relating to the nature of property is whether it is intrinsically good or bad. For some, it is inherently evil because it gives the possessor a monopoly over the object, which can cause harm to others. Others believe that property is a social construct that allows for prosperity and progress.
Property has been viewed as both tangible and intangible, but it can be classified into two categories: real and personal. Real property is a term used in most common-law nations, including Great Britain, the Commonwealth countries, and the United States. This type of property consists of land and buildings, while personal property includes all other possessions, such as books, automobiles, stock certificates, and patents.
In Western philosophy, the concept of property has been influenced by various philosophers, including the utilitarian Jeremy Bentham. He believed that property was an expectation of protection created by the legislator and by settled practice, and that it should be carefully respected. His follower John Stuart Mill suggested that security of property was essential for human liberty.
Another view of property was promoted by the anarchist Pierre-Joseph Proudhon, who argued that private property will ultimately disappear because man will always invent new needs and desires. Proudhon based his theory on the principle that a property owner has the right to do whatever they wish with their primary personal property, and secondary property—such as a painting of a car—can be transferred from one person to another.
Residential property value is largely determined by comparison with similar properties. Appraisers select comparable sales, or “comps,” that are recently sold in the same area of the neighborhood to determine a home’s market value. The way this is done is very similar to the process of evaluating items on eBay, and most people are familiar with it from their own experiences.