Property rights are the legal rights that a person or entity has to land, buildings, or other objects. These rights can be set out in a contract, deed, title, or another legal document.
Property rights can be transferred from one person or entity to another and bought, sold, or leased. In some jurisdictions, property rights can be inherited. Property rights are important because they give the owner the right to use, possess, and enjoy the property. They also give the owner the right to exclude others from the property and transfer it to someone else. There are different types of property rights, including
• Possessory rights: These rights allow the owner to exclude others from the property and to use it for their own purposes.
• Use rights: These rights allow the owner to use the property for their own purposes, but not to exclude others from it.
• Development rights: These rights allow the owner to develop the property, subject to certain restrictions.
• Restrictive covenants: These are agreements between the owner and another person or entity that restrict how the property can be used. Property rights are important for both individuals and businesses. They provide certainty and stability,