Property is an external thing that can be owned or possessed. Property can be divided into two categories: tangible and intangible. The word tangible refers to something that has a definable physical form that can be felt or touched. The word intangible refers to something that cannot be perceived by the senses.
Tangible property consists of real property and personal property. Real property is property that does not move, such as land and the things that are attached to or built on that land.
Personal property is property that can be moved or any other tangible property that can be owned. Personal property is also called chattels. Chattels that are attached to the land and that cannot be removed without damaging the land are called fixtures. Examples of fixtures are built-in bookcases and ceiling fans.
Intangible property consists of property that lacks a physical existence. Examples of intangible property include checking and savings accounts, options to buy or sell shares of stock, the goodwill of a business, a patent, and spousal love and affection.
Copyright 2011 LexisNexis, a division of Reed Elsevier Inc.