A brief guide to Property Law
|By: Mich Steve | Mar 6 2013 | 454 words | 514 hits|
However, in the legal sphere, the term is in the most standard use in the area of law known as the real estate law - the law applying to all the matters relating to the entire property market. The value of the property market itself is really vast whether it is any country of the world. Across the various developed countries in the year 2002, The Economist estimated the market to be worth $68billion therefore also valuing it at 17% more than the total financial assets of these countries. What is more, for the individuals or the companies involved in the market, the property often amounts to their biggest single asset and in the case of the residential property, more pertinently and emotively, their home. The property laws surrounding the real estate are therefore often very complex and the stakes dealt with are high.
As mentioned above, the real estate in a broad sense equates to what we term as the property in everyday parlance. More specifically however, it refers to what are known as the immovable objects which are owned by a party as opposed to the movable objects that party can take with them. In reality, this definition covers the various objects such as the land, the buildings thereon and other various static objects which are attached to the land (or buildings), including the crops and other natural resources found on that land. Conversely, the objects which are not very static come under the banner of the possessions and are not included under Property Law.
In addition to the various physical elements of the property, the term also particularly covers the various rights that come with the ownership of that land such as the right to access it, to mine it, to fish it etc. In some of the legal contexts, and particularly in the UK, the term can be supplanted with the term real property and instead the real estate can be used, for example under the probate law, more specifically to refer to a person’s share in the property or real property at the time of their death. Property law is therefore the area of law that particularly deals with these various estates/properties, the immoveable objects that are attached to them, any interests in them and the rights that come with them, although it can reach slightly outside of this (immovable object) brief when dealing with the various legal issues which are surrounding the portable homes such as the boats, caravans and the mobile homes. It comes under the wider area of law know as property law, which itself concerns the various rights that people have to the objects that belong to the various people, and falls mostly under the common law.
Mich Steve is the author of this article and he writes about law news and other matters. For further detail about property law blog
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