Definition Of Property Rights
Before checking out the definition of property rights, it is best we understand the meaning of property. |
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Usually when we say property, we think about real estate. However, a property can be a tangible or intangible thing owned by a person or a group of people. Depending on the type of property, the owner has all the rights to dispose it off, sell, mortgage, transfer, destroy, rent or exchange without taking consent from a third party. This is what is defined as property rights.
The property can be a building, home, possessions, artistic creation, or an invention. Usually when it comes to showing ownership, the owner of the property should have a title that shows his claim of ownership over the thing. This title, also known as right of ownership, allows the owner to establish his relationship with the thing, and thus allowing him the sole right to do whatever he deems fit.
When it comes to ownership of property or other possessions, property rights are protected by the American Constitution through the Bill of Rights. The Constitution, through the Fifth Amendment and the Fourteenth Amendment, protects the rights of a private property owner and his property.
When a person claims property rights, in the traditional sense, he has the right to control how the property is used, he has the rights to claim any benefits derived from the property, he has the right to sell or transfer the title of the property and he has the rights to exclude any other person from claiming ownership to the property.
However, the rights does not give the owner the license to interfere in the property rights of another person, and he cannot exercise personal rights over public property.
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