Property Definition

Property is a legal term with precise definition varying by jurisdiction. In essence, however, property describes something that can be owned and usually property is divided into real estate, personal property, and intellectual property. An individual or entity exerts right of ownership over property including, usually, the right to sell or otherwise dispose of it. Although rigorously defined in many philosophies and laws, you can’t go far wrong by considering property to be anything that you could buy or sell, whether tangible or otherwise.