Editing Property (section)

{{Short description|Entity owned by a person or a group of people}}
{{about|abstract and legal rights of property}}
{{seealso|Property rights (economics)}}
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[[File: Brunswick Terrace, Weymouth (geograph 1943843).jpg|thumb|300px|Buildings of shops, hotels, and residences are prevalent forms of property.]]
'''Property''' is a system of [[rights]] that gives people legal control of valuable things,<ref>{{cite book |last1=Powell |first1=Richard R. |editor1-last=Wolf |editor1-first=Michael Alan |title=Powell on Real Property |year=2009 |location=New Providence, NJ |isbn=9781579111588 |section=2.02}}</ref> and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, rent, sell, exchange, transfer, give away, or destroy it, or to exclude others from doing these things,<ref name="wordnet">{{Cite dictionary |dictionary=WordNet |title=property |url=http://wordnetweb.princeton.edu/perl/webwn?s=property&sub=Search+WordNet&o2=&o0=1&o7=&o5=&o1=1&o6=&o4=&o3=&h= |access-date=2010-06-19 |publisher=Princeton University}}</ref> as well as to perhaps abandon it; whereas regardless of the nature of the property, the owner thereof has the right to properly use it under the granted [[Property rights (economics)|property rights]].

In [[economics]] and [[political economy]], there are three broad forms of property: [[private property]], [[public property]], and [[collective property]] (or ''cooperative propert''y).<ref>{{Cite book |title=Comparing Economic Systems in the Twenty-First Century |year=2003 |last1=Gregory |first1=Paul R. |last2=Stuart |first2=Robert C. |location=Boston |publisher=Houghton Mifflin |isbn=0-618-26181-8 |page=27 |quote=There are three broad forms of property ownership—private, public, and collective (cooperative).}}</ref> Property may be jointly owned by more than one party equally or unequally, or according to simple or complex agreements; to distinguish ownership and easement from rent, there is an expectation that each party's will with regard to the property be clearly defined and unconditional.{{citation needed|date=August 2013}}. The parties may expect their wills to be unanimous, or alternatively each may expect their own will to be sufficient when no opportunity for dispute exists. The first [[Restatements of the Law|Restatement]] defines property as anything, tangible or intangible, whereby a legal relationship between persons and the State enforces a possessory interest or legal title in that thing. This mediating relationship between individual, property, and State is called a property regime.<ref>{{cite web |last1=Pellissary |first1=Sony |last2=Dey Biswas |first2=Sattwick |title=Emerging Property Regimes in India: What it Holds for the Future of Socio-economic Rights? |url=https://www.irma.ac.in/pdf/randp/1175_17402.pdf |website=www.irma.ac.in |publisher=Institute of Rural Management Anand |access-date=26 October 2021 |date=November 2012}}</ref>

In [[sociology]] and [[anthropology]], property is often defined as a relationship between two or more individuals and an object, in which at least one of these individuals holds a bundle of rights over the object. The distinction between collective and private property is regarded as confusion, since different individuals often hold differing rights over a single object.<ref>{{cite book |last1=Graber |first1=David |author1-link=David Graeber |title=Toward an Anthropological Theory of Value |title-link=Toward an Anthropological Theory of Value |year=2002 |publisher=Palgrave |location=New York |isbn=978-0-312-24044-8 |page=9}}</ref><ref>Max Planck Institute for Social Anthropology, Property in Anthropology, {{cite web |url=http://www.eth.mpg.de/cms/en/research/d2/completed/property/moreinfo/ |title=Max Planck Institute for Social Anthropology |access-date=2015-01-15 |url-status=dead |archive-url=https://web.archive.org/web/20150116101316/http://www.eth.mpg.de/cms/en/research/d2/completed/property/moreinfo/ |archive-date=2015-01-16 }}</ref>

Types of property include [[realty|real property]] (the combination of land and any improvements to or on the ground), [[personal property]] (physical possessions belonging to a person), private property (property owned by legal persons, business entities or individual natural persons), public property (State-owned or publicly owned and available possessions) and [[intellectual property]]—including exclusive rights over artistic creations and inventions. However, the latter is not always widely recognized or enforced. An article of property may have physical and incorporeal parts. A [[title (property)|title]], or a right of [[ownership]], establishes the relation between the property and other persons, assuring the owner the right to dispose of the property as the owner sees fit.{{citation needed|date=October 2011}} The unqualified term "property" is often used to refer specifically to real property.