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According to law, there are two important types of property- real property and personal property. Real property implies land, buildings, trees and stationary mobile homes or simply anything that is permanently attached to the land. For a business, it's real property includes factories, warehouse, offices and various other buildings owned by the business.
In other words, real property refers to land, land improvements resulting from human effort, like buildings and machinery sited on land, and various property rights over the preceding, not those which can be removed. And anything which is not real property is personal property. Thus, real property is different from personal property, which is owned by a business or individual. Examples of such property include equipment, furniture and fixtures. In this section, you will also find other resources related to property.
Real property differs from personal property in following ways:
- Real property is permanent and immovable in nature, where the owner has an estate therein at least for life.
- Real property descends from the ancestor to the heir. But, in the case of personal property, the property owns by an administrator or executor on the death of the owner.
Thus, property can be any physical or virtual entity which is owned by an individual or jointly by a group of individuals. And the owner of a property has the full right to consume, sell, rent, mortgage, transfer and exchange the property.
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