What is the legal definition of property?
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UPDATED: Jul 15, 2021
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The legal definition of property includes anything that is owned by a person, a group of people, or an entity. Property is divided into several types, including:
- Real Property – real estate and land
- Personal Property – almost everything else, including cars, furniture, jewelry, books, clothes, computers, etc.
- Common Property – property that is owned by more than one person
- Public Property – property that is owned by the local, state, or federal government
With the ownership of property comes the potential for property damage. If your property is negligently or intentionally damaged by another, you may be able to sue in order to receive compensation for your loss. Property damage can include almost any kind of harm or destruction to a house, a car, a tree on your house lot, or any other kind of property. The loss can be calculated in a variety of ways, including cost of repairs, cost of the loss of use while the property is being repaired, replacement value, and even sentimental value. If you have property that was damaged by someone else who was acting negligently or intentionally, you may want to contact an attorney to discuss your situation.