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Property law in the United States is the area of law that governs the various forms of ownership in real property (land and buildings) and personal property, including intangible property such as intellectual property. Property refers to legally protected claims to resources, such as land and personal property. [1]
Federal lands are lands in the United States owned and managed by the federal government. [1] Pursuant to the Property Clause of the United States Constitution (Article 4, section 3, clause 2), Congress has the power to retain, buy, sell, and regulate federal lands, such as by limiting cattle grazing on them.
Title is distinct from possession, a right that often accompanies ownership but is not necessarily sufficient to prove it (for example squatting). In many cases, possession and title may each be transferred independently of the other. For real property, land registration and recording provide public notice of ownership information.
In the United States, eminent domain is the power of a state or the federal government to take private property for public use while requiring just compensation to be given to the original owner. It can be legislatively delegated by the state to municipalities, government subdivisions, or even to private persons or corporations, when they are ...
Allodial title constitutes ownership of real property (land, buildings, and fixtures) that is independent of any superior landlord. Allodial title is related to the concept of land held in allodium, or land ownership by occupancy and defence of the land. Most property ownership in common law jurisdictions is fee simple.
When a property has a clear title, that means the title is free from liens or other claims that could call its ownership into question. If you're buying a home with a mortgage, your lender will ...
Property owners may also declare a value, which is subject to change by the tax assessor. Once the value is determined, the assessor typically notifies the last known property owner of the value determination. Such notices may include the calculated amount of tax. The property owner may then contest the value. [13]
Ownership is the basis for many other concepts that form the foundations of ancient and modern societies such as money, trade, debt, bankruptcy, the criminality of theft, and private vs. public property. Ownership is the key building block in the development of the capitalist socio-economic system. [1]