Anything that can be owned—land, buildings, vehicles, stocks, or personal belongings—falls under the broad term property. In real estate practice the word usually refers to land and the permanent improvements on it.

Property rights include the ability to use, exclude others, transfer, and derive income. Those rights are subject to taxation, regulation, and legitimate claims by creditors. Real property and personal property follow different legal rules for transfer and taxation.

Clear identification of the property being conveyed is essential in every deed and contract. Surveys, legal descriptions, and addresses all serve that purpose. Disputes over property boundaries, ownership, and use fill court dockets. Secure, transferable property rights underpin most real estate markets.

The value of property ultimately rests on the strength of the rights attached to it.