Private property is the right of an individual or group of persons to own, use and dispose of certain tangible or intangible assets. In a market economy, it is a fundamental principle that ensures individual freedom and responsibility regarding property.
Private property allows owners to use and control their assets according to their interests and desires. The benefits of private ownership include stimulating resource use, innovation, and economic development.
The essence of private property is that a citizen who has the right of ownership of a particular property can control and make decisions regarding it. Others cannot use it without the owner’s consent. The idea of private property is based on the concept of personal freedom and rights.
Types and forms of ownership
The following types of forms of ownership are divided:
- State federal – this includes natural resources, information and everything that is at the disposal of the state and under its responsibility.
- State regional – similar property owned by the subjects of the Federation.
- Municipal property – everything that is under the jurisdiction of local governments.
- Private property is the property of citizens and legal entities.
- Property of public organizations.
Main private property
- Real estate: land, buildings, houses, apartments and other permanent structures.
- Movable property: cars, yachts, furniture, electronics and other valuables.
- Financial assets: money, bank accounts, shares, bonds, shares in investment funds and other financial instruments.
- Intellectual property: patents, copyrights, trademarks, trade secrets.
- Enterprises and businesses: companies, firms, enterprises and other organizations that are engaged in commercial activities.
- Patrimonial values: paintings, sculptures, antiques, collections of coins, stamps, books, antiques and other art objects.
Ownership arises as a result of:
- Making things yourself;
- Use Of Existing Property;
- Acquisition Of Property Under a Purchase and Sale Transaction, Exchange, Donation, Or Privatization;
- Receiving An Inheritance;
- By The Right Of the First to Find an Ownerless Thing, For Example, A Treasure;
- By right of prescription – 15 years for real estate and 5 years for other property.
The grounds for termination of ownership rights may be the owner’s refusal of ownership rights, death or destruction of property. In this case, a person can be forcibly deprived of property rights by a court – for example, to pay off obligations during confiscation, seizure, or forced redemption.
Private property rights are enshrined in law and are recognized and protected by the state to ensure stability, legal certainty and economic development.
The law of the Federation regulates the following aspects:
- Right of ownership. Individuals have the right to own certain assets or resources and use them as they see fit. Verification requires physical possession of the property or a legal record of ownership.
- Right to use. Citizens have the right to use their property for any other legitimate purpose in addition to meeting their needs and achieving their objectives.
- Right to disposal. A citizen has the right to transfer his property to other persons through sale, gift, inheritance or any other means of transferring ownership.
- Right to defence. Laws protect property rights. Owners have the right to go to court to defend their rights and seek compensation in the event of damage or infringement.
Signs of private property
- Legality. Private property must be protected in accordance with the law.
- Exclusive rights are available. The owner of private property has the first right to all actions regarding his property.
- Identifiability. Private property must be distinguishable from other property.
- Availability of legal protection. A citizen has the right to sue and demand compensation if property rights are illegally lost.
- Limitations and Responsibilities. Property may be subject to both extended rights and responsibilities—for example, being subject to tax.