There are two types of property law: one is personal property and the other is real property. English Common Law is the main source from which most of the rules associated with and the legal concepts are delivered from. These concepts and rules have been embraced and incorporated by the modern laws of our times, and which also defines the rights of ownership in real and personal property. Other than land that can be the subject of ownership, including stocks, money, notes, Patents, and copyrights, as well as intangible property, personal property includes everything else and is also known as movable property.
Real property consists of land or and generally anything growing on, erected on, or affixed to it, including buildings and crops. Any rights that issue from the ownership of land are also used to declare the term. The land is common when it comes to the definition of real property or real estate. Minerals, oil, and gasses are also encompassed within this real property. In current times premises have also come to mean land with all the structures that are on it like residential buildings and yards. Property may be further classified as either public or private. That which belongs to one or more persons is Private property. That which is owned by a country, state, or political subdivision, such as a Municipal Corporation or a school district is Public property.
Personal Property can be divided into two crucial categories, that is, intangible and tangible. Items such as animals, merchandise, and jewelry fall under the tangible category. Things like stock, bonds, patents, and copyrights are considered to be intangible properties.