Define: Private Property

Private property refers to tangible or intangible assets owned by individuals, businesses, or legal entities and over which they have exclusive rights of ownership, use, and control. These assets can include real property (land and buildings), personal property (such as vehicles, furniture, and possessions), intellectual property (such as patents, trademarks, and copyrights), and financial assets (such as stocks, bonds, and bank accounts). Private property rights are fundamental in capitalist societies, providing individuals with incentives to invest, innovate, and create wealth. These rights typically include the right to use, sell, transfer, and exclude others from the property. However, private property rights are not absolute and may be subject to certain limitations imposed by laws, regulations, or government intervention to protect public interests, ensure fair competition, or address social and environmental concerns.

This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.

This glossary post was last updated: 29th March, 2024.