Real property refers to immovable belongings, that is, land and everything that surrounds it, is erected upon it, above and below it. In real property, an individual holds the rights to the land and its permanent structures (LaMance, 2018). The property is also fixed on one location. Real property also includes anything that is growing on the land at the particular time. Intellectual property was originally created to cover creations of the mind such as inventions, artworks, symbols and names and images used in commerce. It is comprised of intangible rights, trade-secret rights and publicity rights (Schmitz, 2013). It is also ethereal, that is, a brainchild of a person’s mind. Personal property is broader, covering all the possessions that are owned by a person. These items are moveable and not associated to the land.
Owners of real, intellectual, and personal property do not have the same rights under the law. Each different type of property is treated distinctively under the law. This is due to their varying nature, the application of laws in different areas and allocation of state and federal jurisdiction in America. Real property is governed by the law of contracts that regulates transactions involving land and all its constituents. Personal property is governed by Article 2 of the Uniform Commercial Code (UCC) (Schmitz, 2013). The law has mandate over the transfer of deeds. Transfer of personal property however does not always require paperwork. Intellectual property is protected under the part of the law that protects creators. The issuance of patents is done at the federal level based on the standards stipulated by the US Patent and Trademark Office (Mersha & Hadush, 2014). The rights are protected under Article I, Section 8.
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All types of properties should be treated differently due their distinct characteristics. If real property was treated in the same manner as personal property, there would be increased fraudulent transactions due to the lack of appropriate documentation (Schmitz, 2013). Countless members of the society who are unaware of their rights would lose valuable property. In addition to that, most intellectual property takes a lot of time and finance to develop; therefore, they should be governed under a separate group of rights. Different property types have different and unique characteristics hence should not be treated on the same terms.
References
LaMance, K. (2018). What's the Legal Definition of "Real Property"? Legal Match.
Mersha, B., & Hadush, H. (2014). Concept, Scope and Nature of Intellectual Property Rights Intellectual Property Rights. Abyssinia Law .
Schmitz, A. (2013). Introduction to the Law of Property, Estate Planning and Insurance . Washington, D.C.: Saylor Academy.
