Property Any object or right that can be owned. Ownership involves possession. Ownership in modern societies implies the right to use and dispose of property and it implies governmental protection of such rights. Property is usually obtained by purchase, inheritance, or gift. Ownership may be public or private.
Public ownership is by the government.
Private ownership is by an individual, a group of individuals, a corporation, or some other form of organization. Real property is the land and anything firmly attached to it, such as buildings and the minerals beneath the surface. Personal property can be divided into tangible and intangible property. Tangible property exists physically. The concept of private property has been challenged by political philosophies such as communism and socialism.