Property in the legal sense is something that either belongs to or is part of something, either completely as an element of said entity or as an implication of that entity. It may be physical land, real estate or a portion of it or something else entirely. It can be owned individually or jointly by different persons acting on behalf of someone else. It is used in various contexts. For instance, a person who owns a house can use it as a place to live and do business and also to receive income or dividends from the house. A share of a company’s stock is also considered property.
The definition of property therefore varies depending on who is giving the definition and what kind of property is being talked about. However, there are commonalities in all definitions. According to law, the ownership of a thing means its ownership as a thing and the right to use it as such. The same thing also means the right of a third person to enjoy the benefit of using it.
In other words, in order to own anything, one must have a right to use it and to enjoy the benefits of using it. Property thus signifies the possession of something created or existing legally. It can be physical property or abstract property. Abstract property refers to anything not fixed or determinable. An excellent example of an abstract or non-fixed property is the sky.
A ship is owned by the sea and the rights to it are determined by international laws. A man has the exclusive right to use his body for a specific reason, which could be personal or social. The ownership of a house cannot be limited but it can be repossessed by the owner after it is used for the purpose specified by the owner. Intellectual property rights are protected by law in different forms. They include patents, trademarks, trade names, logos, and copyrights.
There are certain situations where some other person may have an exclusive right to use the property. This happens when the person who owns the property is bankrupt, during the lifetime of someone else and after that when he becomes a disabled person. This right to possess property is called the right to control property. Usually, people own property because they have a legal claim to it, like a loan or inheritance.
Property can also be acquired through borrowing money from another person. With a mortgage, the mortgage lender has legal title of the property until the debt is paid. If the borrower fails to pay, the mortgage lender has the legal right to sell the property and recoup its loss until the debt is paid. With a loan, the owner has only the legal title of the property until the loan is repaid.
A famous saying is “You may think you own the world, but you only own your shoes.” Although there are many factors to determine the value of property, such as location and quality of construction, the actual price of a property is based on the cost of borrowing the money required for its purchase and the amount of taxes that you will be liable to pay on it. Thus, when you buy property infamy, you have to be aware of these things so you will not end up overpaying.
In addition, before you buy property, you should also consult your accountant to check if the price listed in the property listings is actually the true value of the property. You may also do research on the real estate market in Miami so that you will be able to understand the trends of buying property there. And lastly, do your research about the property in Miami before you decide to bid for it.
