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Who owns property?

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Only a legal person – natural person or legal entity with legal capacity – may own real estate, including individuals, companies and other entities granted a legal personality by law as well as well as registered partnerships.  Private property is any property that is owned by non-governmental legal entities, as distinguished from public property, which is property that is owned by a public entity – any state or local government or state or local government body.

An estate is a possessory or nonpossessory interest in real property.  The law recognizes different kinds of estate – interest in real property, which is defined by the rights and interest that a person has in personal or a real property.  Estates are further distinguished by the property rights enjoyed by the owners or tenants of each kind of estate and the transferability and duration of the estate.  The type of estate is generally determined by the language of the instrument by which the interest in real estate is acquired, commonly by lease, deed or will.

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