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Property

In general, a property is a characteristic or an attribute of an object or thing.


Within the law, property is a general legal category for rights of ownership in land, money, tangible objects, intangible objects, etc.

Property is defined as the right to use, enjoy or possess a determinant thing, and the right to exclude others from same.

Within the conceptual framework provided by law this control is assured by the power of the law, or by power exercised under the law, and not by any separate power. However, philosophically at least, it is possible to think of property concepts outside a legal framework - though, as in the Middle Ages, a legal framework for property might well emerge.

Table of contents
1 General characteristics
2 Theories of property
3 Types of property
4 What can be property?
5 Who can be an owner?
6 Quotations
7 See also

General characteristics

Modern property rights conceive of ownership and possession as belonging to legal individuals, even if the legal individual is not a real person. Thus, corporations, governments and other collective forms of ownership are framed in terms of individual ownership. Exceptions to this pattern include the "commons", which belong to a defined community, and the "public domain", to which access is unlimited. Property rights are found in the oldest laws written down, and equate the expectation of use or profit to some payment from the very beginning. Modern property rights can be said to begin with the transition from ownership by entities as being the primary form of property right, to the theory that property rights are to promote the general good, and specifically encourage economic development and utilization of property.

Property is usually thought of in terms of a bundle of rights. Traditionally, they are the right to:

  1. control over use
  2. the benefits of property (e.g. mining and farm royalties, peaceable possession, etc.),
  3. transfer or sell,
  4. exclude others, e.g. non-owners.

Legal systems have evolved to cover the transactions and disputes which arise over the possession, use, transfer and disposal of property, most particularly involving contracts. Positive law to defines such rights, and a judiciary is used to adjudicate and to enforce.

In his classic text, "The Common Law", Oliver Wendell Holmes describes property as having two fundamental aspects. The first is possession, which can be defined as control over a resource based on the practical inability of another to contradict the ends of the possessor. The second is title, which is the expectation that others will recognize rights to control resource, even when it is not in possession. He elaborates the differences between these two concepts, and proposes a history of how they came to be attached to individuals, as opposed to families or entities such as the church.

According to Adam Smith, the expectation of profit from "improving ones stock of capital" rests on private property rights, and it is central capitalism that property rights encourage the property holders to develop the property, generate wealth, and efficiently allocate resources based on the operation of the market. From this evolved the modern conception of property as a right which is enforced by positive law, in the expectation that this would produce more wealth and better standards of living.

Socialism's fundamental belief is centered on a critique of this belief, stating, in effect, that the cost of defending property is higher than the returns from private property ownership. This is still a modern theory of property however, in that it argues based on superior utility of result.

Communism argues, that only collective ownership through a polity, though not necessarily a state, will assure the minimization of unequal or unjust outcomes, and that therefore all, or almost all, private property should be abolished.

Not every person, or entity, with an interest in a given piece of property may be able to exercise all of those rights. For example, as a lessee of a particular piece of property, you may not sell the property, because the tenant is only in possession, and does not have title to transfer. Similarly, while you are a lessee the owner cannot use his or her right to exclude to keep you from the property. (Or, if he or she does you may perhaps be entitled to stop paying rent or perhaps sue to regain access.)

Further, property may be held in a number of forms, e.g. joint ownership, community property, sole ownership, lease, etc. These different types of ownership may complicate an owner's ability to exercise his or her rights unilaterally. For example if two people own a single piece of land as joint tenants, then depending on the law in the jurisdiction, each may have limited recourse for the actions of the other. For example, one of the owners might sell his or her interest in the property to a stranger that the other owner does not particularly like.

Theories of property

Anthropology studies the diverse systems of ownership, rights of use and transfer, and possession under the term "theories of property". Western legal theory is based, as mentioned, on the owner of property being a legal individual. However, not all property systems are founded on this basis.

In every culture studied ownership and possession are the subject of custom and regulation, and "law" where the term can meaningfully be applied. Many tribal cultures have a "corporate" theory of ownership, meaning that ownership is by collective groups: tribes, families, associations and nations. For example the 1839 Cherokee Constitution frames the issue in these terms:

Sec. 2. The lands of the Cherokee Nation shall remain common property; but the improvements made thereon, and in the possession of the citizens respectively who made, or may rightfully be in possession of them: Provided, that the citizens of the Nation possessing exclusive and indefeasible right to their improvements, as expressed in this article, shall possess no right or power to dispose of their improvements, in any manner whatever, to the United States, individual States, or to individual citizens thereof; and that, whenever any citizen shall remove with his effects out of the limits of this Nation, and become a citizen of any other government, all his rights and privileges as a citizen of this Nation shall cease: Provided, nevertheless, That the National Council shall have power to re-admit, by law, to all the rights of citizenship, any such person or persons who may, at any time, desire to return to the Nation, on memorializing the National Council for such readmission.

Communal Property systems describe ownership as belonging to the entire social and political unit, while corporate systems describe ownership as being attached to an identifiable group with an identifiable responsible individual: generally a family. The Roman property law was based on such a corporate system, for example.

Different societies may have different theories of property for differing types of ownership, as the above paragraph makes clear: land is collectively owned, improvements are individually owned, but may not be transferred outside of the community. Currently, anthropological theory relates the kind of kinship system - whether through one or both parents - with certain property theories, thought this idea is in dispute. Essentially, it is very common among property systems to have the community own property where kinship is reckoned both through patrilineal and matrilineal systems, but property is owned by the family if only one method of reckoning is used. Exceptions to this rule have been documented, but it remains the prevailing assumption of tribal ownership.

Pauline Peters argued that property systems are not isolable from the social fabric, and notions of property may not be stated as such, but instead may be framed in negative terms: for example the taboo system among Polynesian peoples.

Types of property

Most legal systems distinguish between different types of property, especially between land and all other forms of property. They also often distinguish between tangible and intangible property as well.

In common law, property is divided into:

  1. real property - interests in land
  2. personal property - interests in anything other than land

Personal property in turn is divided into tangible property (such as carss, clothing, animals) and intangible or abstract property (stocks, bonds, bank deposits, derivatives, options, futures, patents, copyrights, trademarks, etc.), which includes intellectual property (though some disagree with the use of the term intellectual property).

What can be property?

Not everything can be property; only those objects or ideas which others can be economically, physically, or otherwise excluded from can be considered property. Thus the air and the water in the sea belong to no one (presumably, although there are many instances of this in our contemporary society; see airspace, no-fly zone, or United Nations Convention on the Law of the Sea), though once stored in bottles or tanks, they can be considered property.

Traditionally many things existed that did not legally have an owner, such as commons (land belonging to nobody in particular, but over which commoners had rights). But over centuries and millennia law in all societies has tended to develop towards reducing the number of things not having clear owners. Supporters of property rights argue that this enables better protection of scarce resources, due to the tragedy of the commons. But there are many things today which still do not have owners: ideas, seawater, the seafloor (though due to the United Nations Convention on the Law of the Sea, some of it can now be considered in some ways property), celestial bodies, land in Antarctica.

The human body is, in modern societies, considered something which cannot be the property of anyone but the person whose body it is. This is in contradistinction to the old practice in many societies of chattel slavery, which is almost universally considered unjust and illegal today.

In many ancient legal systems (e.g. early Roman law), religious sites (e.g. temples) were considered property of the God or Gods they were devoted to. However, religious pluralism makes it more convenient to have religious sites owned by the religious body that runs them.

Information can be owned in the same way as physical goods in some cases Intellectual Property, but not in other cases.

Who can be an owner?

Property requires a class distinction between owners (possessing title and the all rights of enjoyment) and non-owners (excluded from use). Generally, it is thought that humans can be owners, and non-humans can not. (There are exceptions to this. For example, in Athens, Georgia there is a tree that owns itself.)

Some societies have restrictions against ownership of property. In some, only adult men may own property. However, in other cultures (such as the Haudenosaunee), property is matrilinear and passed on from mother to daughter. In early America, slaves were prohibited from owning property.

Another modern concept is that certain legal fictions, such as corporations and trusts, can engage in contracts and own property.

Quotations

It is a moot question whether the origin of any kind of property is derived from nature at all... It is agreed by those who have seriously considered the subject that no individual has, of natural right, a separate property in an acre of land, for instance. By an universal law, indeed, whatever, whether fixed or movable, belongs to all men equally and in common is the property for the moment of him who occupies it; but when he relinquishes the occupation, the property goes with it. Stable ownership is the gift of social law, and is given late in the progress of society. -- Thomas Jefferson

Property is theft -- Pierre-Joseph Proudhon, What is Property

[T]hough the earth and all inferior creatures be common to all men, yet every man has a "property" in his own "person." This nobody has any right to but himself. The "labour" of his body and the "work" of his hands, we may say, are properly his. -- John Locke

..., that being all equal and independent, no one ought to harm another in his life, health, liberty or posessions; ... -- John Locke, Civil Government (1690)

Life, faculties, production – in other words, individuality, liberty, property – this is man. And in spite of the cunning of artful political leaders, these three gifts from God precede all human legislation, and are superior to it. Life, liberty, and property do not exist because men have made laws. On the contrary, it was the fact that life, liberty, and property existed beforehand that caused men to make laws in the first place. -- Frédéric Bastiat, The Law [1]

See also

Strictly voluntary renunciation of (some of) one's own property

Non-voluntary renunciation of (some of) one's own property

Ideologies in support of property and ownership

  • Capitalism is in support of private ownership.
  • Socialism is in support of public ownership over the means of production, and private ownership over everyday items.
  • Communism is in support of communal ownership.

Ideologies opposed to property as an institution

  • Communism aims to establish a state-less and property-less society, based on the principle that goods should be produced and distributed according to the principle "from each, according to his ability; to each, according to his needs".
  • Some forms of anarchism are also opposed to property as an institution; see, for example, Pierre-Joseph Proudhon's What is Property, the origin of the famous quote "property is theft".

Other articles


In theater and film, properties (or "props") are objects used in a performance which are handled or manipulated by the actors. Personal properties are handled by just one actor. Functional or working properties do some sort of function, for instance produce light.


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Society of Field Inspectors
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Milton T. Cosme
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United Property Services, Inc.
Pennsylvania - Rehab and preservation services. On-line bid requests and sub-contractor applications.
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TMC Solutions LLC.
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W-M Group, Inc.
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B & J Enterprises
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Montella REO Pros, Inc.
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Rose's Property Maintenance Service
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BPO Central
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Sam's Maintenance Services
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http://samsmaintenance.com

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http://www.mortgageramp.com/

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Virginia Contracting Services
Virginia and Maryland - property preservation, eviction assistance, lock changes and minor rehab.
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Countrywide Field Services Corporation
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C & A Preservation, Inc.
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http://capreservation.biz

NewRep.com
An online pay-for listing service for companies providing property inspection and preservation services, broker price opinions, or general contractor services so they may connect with mortgage companies, real estate agencies, and related services in their local area.
http://www.newrep.com

ChoicePoint, Inc
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http://www.choicepoint.com

River City Inspections
Virginia - inspection services for mortgage and insurance companies.
http://www.csionline.us

Global Conveyance
Your one stop property preservation shop. Covering the south western U.S.A.
http://www.globalconveyance.com

Tustin & Company, Inc.
Bringing over 15 years of experienced property preservation to the mortgage field service industry in 21 states to assist the lender in reducing compliance losses.
http://www.tuscominc.com

ASD America, Inc.
Nationwide - Our vision is to be the best real estate field services company in the nation.
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McDaniel Contracting Inc
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REO-Pros
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http://www.reo-pro.net/

Advanced Mortgage Solutions
Nationwide provider of mortgage services. Offering comprehensive services to our client's including property preservation, inspections, insurance claims/repairs, appraisals, title work and sales.
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Property Preservations
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Nicholson Group
Providing property preservation services for mortgage real estate industry and network security for corporate, automotive, education, and government markets.
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Technoserv
New York - inspections and property preservation agents to assist with your foreclosed or REO needs.
http://www.tchnoserv.com

Residential Field Services, Inc.
Georgia and Florida full service property preservation for over 20 years.
http://home.earthlink.net/~rfsinc1/

Outsource Field Services
Accurate and timely services include Notary, mobile Notary, and property inspection reports/interviews in McHenry, Lake, Boone, Winnebago and Stephensen Counties in Illinois.
http://www.outsourcefieldservices.com

Wood's Property Services
Specializing in the care and maintenance of vacant homes. We provide property preservation services in Pennsylvania, Delaware, and Maryland.
http://WoodsPropertyServices.com

Ingeprom, Inc.
Puerto Rico - Integrating project management, property management and field maintenance services to optimize real estate property performance.
http://www.ingeprom.com

Matrix Asset Management
Matrix Asset Management offers asset disposition and default management services to mortgage bankers, investment bankers and financial institutions across the United States.
http://www.matrixasset.com/

McDargh Real Estate Services
Nationwide commercial property inspections, site reports, real estate due diligence, and mortgage field services.
http://www.mcdarghconsulting.com/

J & L Inspections
North Carolina - lists zip code and county coverage areas of inspection services offered.
http://jandlinspectionsinc.tripod.com

Allcoast Financial Services
Nationwide - providing complete and comprehensive property preservation and REO repair services.
http://www.allcoastfinancial.com

Cicero Field Services
New York - Residential and Commercial inspection services. Zip Code coverage listed.
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Wolverine Real Estate Services
Nationwide provider of property inspection and preservation services, and rehab.
http://www.fieldinspection.com/

Buczek Inc.
Western New York - Serving HUD, VA, banking institutions, Real Estate firms, apartment owners and other servicing companies.
http://buczek-inc.com

National Vendor Management Services
Nationwide - Providing commercial and residential property inspection services to the mortgage and insurance industries.
http://nvms.com

Northern New England Field Services
Real estate, Vehicle inventory inspections, Property assessments, property preservation services.
http://www.nnefieldservices.com

North Carolina Property Preservation
Full service including eviction assistance and janitorial services.
http://www.nc-property-preservation.com

Fieldstar, Inc
Southeast US regional delinquent interview inspection service with focus on resolution.
http://fieldstar.us

Property Review Solutions
Nationwide inspection services. Offers a training program for new inspectors.
http://www.propertyreviews.com/

DigiLink Inspections, Inc.
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http://inspectionweb.com

JR Services, LLC
Ohio - complete services for delinquent to foreclosed asset. Also offers training course and business consulting for new start-ups.
http://www.csjr.biz

Safeguard Financial Services, Inc.
Southern California - residential and commercial services available, working with your forms, our forms, or can customized forms for your specific needs.
http://www.sfginspections.com

Mesa Verde Property Management
Management services for Northern Utah, Central Colorado, and Southern Idaho. Services include snow removal, debris removal, lawn maintenance, and other property preservation services.
http://www.mesaverde.net

Property Protection Services
Northeast Ohio complete inspection and preservation services. Fees and scheduling listed.
http://www.propertyprotectionservices.net/

24 Seven Services
Midwest MI - Services include inspections, property preservation, repairs, mold abatement, and carpet cleaning.
http://www.24sevenservices.net/

F&P Inc
Kansas and Missouri - offering complete property preservation services for foreclosed or REO properties.
http://www.fnpinc.net

Western Territory Inc.
Denver Colorado to Wyoming - offering property inspection services for mortgage and insurance purposes.
http://home.earthlink.net/~wyinsp/inspections

Mortgage Specialist Inc
Nationwide - delinquency interviews and property inspections for the lending industry.
http://www.msi2020.com

One West Realty Group, LLC
Missouri - St. Louis and Kansas City Metro areas - offers comprehensive REO sales, asset management, residential and commercial services.
http://www.stlreo.com

Lighthouse Real Estate Solutions
Linking America's quality Lenders, Buyers, Sellers and a national network of Real Estate Professionals.
http://www.lrescorp.com/

Vicron USA Field Services
Tennessee and Georgia - property surveillance, preservation and maintenance services.
http://www.vicronusa.com

Sprint Mortgage Services
Nationwide - default interviews, occupancy status, insurance loss draft, commercial inspections, BPO and appraisals, property preservation, evictions.
http://4smsi.com

C2V, Inc.
Nationwide BPO and REO management services.
http://www.4reo.net

Art's Inspection Services
Indiana - inspection, concrete repair, cleaning, construction and lawn care services.
http://www.art65.com

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