We explain what movable property and immovable property are, as well as their main characteristics and examples.
Goods are things that can be appropriated and valued in the market.
What are movable and immovable property?
In law, movable property is that which can be moved (for example, a table, a book, a car) and immovable property is that which has a fixed location and cannot be moved (for example, a house, a building).
For the law, assets are tangible or intangible things of patrimonial law, that is, they are things that can be appropriated and, depending on their value, must be registered in a property registry in the name of a natural person or an organization.
The set of assets constitutes the wealth or patrimony of an individual or an institution. Assets may have one or more owners and can be exchanged for money or other assets, depending on their valuation on the stock market.
Etymology: The word “furniture” derived from Latin, mobilis, which means “that can be moved.” The word “inmueble” derived from Latin, immobiliswhich means “immovable.”
Other types of goods
In addition to furniture or real estate, assets can be:
- Material goods. They are those that have a materiality, that is, they can be touched. For example: homes.
- intangible assets. These are those that cannot be touched, but rather represent something. For example: the shares of a company.
For economics, goods are commodities or materials that can be traded to generate profits..
They can be classified into:
- Capital goods or semi-finished goods. They are raw materials extracted from nature, which are used to produce other final consumer products and are manufactured by industries in the primary sector of the economy.
- Consumer goods. They are goods produced for final consumption and are manufactured by industries and companies in the secondary sector of the economy.
Key points
- Movable property is that which can be transported and immovable property is that which has a fixed location and cannot be moved.
- In addition to tangible movable and immovable property, there are intangible assets or assets that cannot be touched but have economic value, such as trademark or intellectual property patents.
- The total assets of an individual are equivalent to his or her wealth, which is susceptible to economic value.
Movable property
Personal property can be moved from one place to another, like a ring.
Movable property is things susceptible to appropriation by a person or organization, which can be moved from one place to another without losing their physical integrity.
Examples of movable property
- TV
- Car
- Mobile phone
- Ceramic sculpture
- Refrigerator
- Aircraft
- Lamp
- Necklace
- Backpack
- Drill
Real estate
Real property, also called real estate, is things that are attached to the ground and have a specific location, so they cannot be moved.
They are assets susceptible to appropriation by a person, organization or State entity, and the status of owner or proprietor is only valid before the law if the asset is registered in the property registry and shows payment of the corresponding taxes to the treasury.
Examples of real estate
- Building
- Home
- Security
- Plot of land
- Built-in wardrobe in a wall
- Shop
- Trust under construction
- Public plaza
- Estate
- Factory
Types of real estate
Real estate can be grouped into the following categories:
- Residential real estateThey consist of homes or land that have not yet been built on.
- Commercial Real Estate. They consist of buildings, premises or buildings, intended for the activities of the tertiary sector of the economy.
- Industrial real estateThey consist of buildings and vast lands intended for activities in the primary and secondary sectors.
Property ownership registration
Most personal property is the property of whoever makes it or who buys it and is characterized by free exchange in the market.
However, some personal property that is of great value, such as a car or a boat, must be registered in a property registry with a government entity to be able to circulate or operate in the market legally. The same thing happens with real estate, such as a house or land.
In addition, owners are required to pay taxes to the tax collection agencies corresponding to each country.
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References
- Royal Spanish Academy (2022). Pan-Hispanic Dictionary of Legal Spanish: goodfrom: RAE
- Legal concepts (2022). Real estatefrom: LegalConcepts
- Encyclopedia Britannica (2022). Movable and immovablefrom: Britannica