Property

Property refers to the rights to use and enjoy something tangible or intangible. Property can be real or personal.

Property does not refer to the thing itself but to the rights in the thing.

In common usage, however, property generally includes the thing itself.

•Real Property refers to the rights in real estate (or realty)

•Personal property refers to rights in personalty

There are only two classes of property, real property and personal property. If an item is not personal property, it is real property. If an item is not real property, it is personal property.

Real property is the rights to real estate (or realty) and personal property is the rights to personalty.