Business Law

The idea of property usually strikes people as a fairly simple concept. However, the law recognizes that the interests in various types of property are often anything but simple and can sometimes result in highly complex problems. For example, if you sell your house to someone, what stays as part of the house and what can you take with you when you leave? Certainly you would have an automatic right to take your clothes, your furniture, and hanging photographs and artwork. But what about a favorite chandelier? How about a built-in island in the kitchen? Can you take the windows? The law recognizes two categories of property. There is real property, which is land and anything attached to it, such as a house and items attached to it. Alternatively, there is personal property, which is everything else. As you work through this unit, ask yourself when it is possible that one item can be personal property in one situation and real property in another.

Module Outcomes:

• Distinguish between real and personal property, and identify examples of each.

• Define tangible and intangible personal property, distinguish between both types of property, and identify examples of each.

• Identify the various interests in real property.

• Describe how title in and possession of property may or may not pass.