Transfer of property

[DanyJose11]

Ownership laws may vary widely among countries depending on the nature of the property of interest (e.g. firearms, real property, personal property, animals). In some societies only adult men may own property. In many societies’ legal entities, such as corporations, trusts, and nations (or governments) own property. India Property designates those things commonly recognized as the entities in respect of which a person or group has exclusive rights. Important types of property include real property (land), personal property (other physical possessions), and intellectual property (rights over artistic creations, inventions, etc.). A right of ownership is associated with property that establishes the good as being "one's own thing" in relation to other individuals or groups, assuring the owner the right to dispense with the property in a manner he or she sees fit, whether to use or not use, exclude others from using, or to transfer ownership. Some philosophers assert that property rights arise from social convention. Others find origins for them in morality or natural law. The law recognizes different sorts of interests, called estates, in real property. Estates are distinguished by the varying property rights that vest in each, especially their duration and transferability. The type of estate is generally determined by the language of the deed, lease, or bill of sale through which the estate was acquired. A party enjoying an estate is called a "tenant."

The most usual way of acquiring an interest in property is as the result of a consensual transaction with the previous owner, for example, a sale or a gift. Dispositions by will may also be regarded as consensual transactions, since the effect of a will is to provide for the distribution of the deceased person's property to nominated beneficiaries. A person may also obtain an interest in property under a trust established for his or her benefit by the owner of the property. It is also possible for property to pass from one person to another independently of the consent of the property owner. For example, this occurs when a person dies intestate, goes bankrupt, or has the property taken in execution of a court judgment.