We explain what movable and immovable property are, how they are classified and what their main characteristics are.
What are the properties?
Assets are the set of properties and wealth susceptible , throughout life , of appropriation by a person (natural person) or an organization of people (legal person).
Goods refer to things, broadly speaking, including money (capital), that last over time and can change from one hand to another in various types of transaction. People can never be considered as goods.
Assets can be classified according to their nature (and therefore the legal regime that applies to them) into movable property and real estate.
Characteristics of movable and immovable property :
- Real estate or real estate. They are those that are irretrievably linked to the ground , that is, to the specific place where they are. A house, a building, a farm, an industrial warehouse, are examples of this.
- Movable property. They are those that it is possible to move from one place to another, without resulting in an attack on the integrity of the property, nor that of the property where these transportable objects are found. Decorative objects, artifacts, jewelry, paper money, books, furniture, are examples of this.
Origin of this classification
That is why this Roman provision also bases the split between public law and private law , inherited by our current legal doctrines.
Types of real estate
The existence of six types of real estate is usually considered, according to their role and nature:
- For nature. Like the soil and the layers of the subsoil.
- By incorporation. Like buildings and constructions.
- By destination. Such as tools and objects for exclusive use in the property.
- By analogy. Like the mortgage concessions and transfers.
- By accession. Like the doors, windows and other goods that, when installed in their place, become part of the property.
- By representation. Such as the documentation or the deeds that grant ownership of the property.
A relative distinction
The different branches of law may disagree on what is considered movable and immovable , according to their particular approaches and interests.
Thus, for civil law, all assets that are naturally attached to the ground or to a real estate surface (tiles, sinks, pipes, cabinets, kitchen, etc.) are part of the property in question. While, for purposes of criminal law , they are considered movable property as they can be perfectly susceptible to theft.
The same is true for tax law, which usually appraises real estate only and only some of the movable property (jewelry, foreign currency, etc.).
Hence, also, that real estate is the main object of a mortgage guarantee.
Ships, automobiles, aircraft and other unique types of vehicle on a large and small scale generally receive legal treatment similar to that of real estate . In this way, they respond to property records, taxes and are also mortgable assets (movable mortgage).
It is not a legal synonym for "thing"
Although assets are legal things , not all legal things are assets.
Given their importance in the total of the properties of an individual or institution, these assets are usually subject to fiscal legislation through different taxes, such as:
- Income tax
- Wealth tax
- Real estate tax
- Tax on the increase in the value of urban land
Is real estate more valuable?
Traditionally, it was held that yes , not only due to its high economic cost, but to the cultural and heritage implications that they imply, such as their successorial nature (inheritable) and their connection, with the family environment and the sphere of intimacy, or with the productive, agricultural or industrial.
This consideration, however, has been questioned in recent times , since the added value of certain products (and even certain information) can exceed the cost of large real estate.
New technologies and the corporate world, for example, have brought with them new forms of ownership and new change values that often challenge the functioning of traditional legal frameworks.
Capital: movable and immovable at the same time
It must be remembered that capital is a mechanism for the representation of wealth , whose value lies in the exchange for consumer goods or goods of any nature, much more than an enjoyable good in itself.
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She has pursued her studies in The United States, where she has graduated in Business and Economics and is currently finishing her Master studies in International Economics and Finance. Miss. Amputee is fluent in three languages: English, Spanish and Russian and has elementary knowledge of French and Italian. She love exploring how Collaborative Research Group can become the best tool to achieve the (necessary) educational change. .