|Part of the common law series|
|Gift · Adverse possession · Deed
Conquest · Discovery · Accession
Lost, mislaid, and abandoned property
Treasure trove · Bailment · License
|Estates in land|
|Allodial title · Fee simple · Fee tail
Life estate · Defeasible estate
Future interest · Concurrent estate
Leasehold estate · Condominiums
|Bona fide purchaser
Torrens title · Strata title
Estoppel by deed · Quitclaim deed
Mortgage · Equitable conversion
Action to quiet title · Escheat
|Future use control|
|Restraint on alienation
Rule against perpetuities
Rule in Shelley's Case
Doctrine of worthier title
|Easement · Profit
Covenant running with the land
|Fixtures · Waste · Partition
Riparian water rights
Lateral and subjacent support
Assignment · Nemo dat
Property and conflict of laws
|Other common law areas|
|Contract law · Tort law
Wills, trusts and estates
Criminal law · Evidence
Private property is the tangible and intangible things owned by individuals or firms over which their owners have exclusive and absolute legal rights, and can only be transferred with the owner's consent. Private property can take the form of real estate, homes, factories, automobiles, capital, patents and copyrights. It is distinguished from public property, which refers to assets owned by a state, community or government rather than by individuals or a business entity.
Marxists define private property as the right of an individual or group of individuals, to exclude others use of an object. In its undeveloped form, private property is the simple relation of the individual to the natural world in which their individuality finds objective expression. Private property is essentially the denial of the private property of others and finds its ultimate expression only in the relation of wage-labor and capital. According to György Lukács and Norman Levine, when Marx called for the abolition of private property, he was not referring to privately-owned personal property such as clothing and furniture that was not used to produce the "social wealth," but to productive property.
Classical liberals, including Ludwig Von Mises and Fredrich Hayek, believe that private property rights are a requisite for rational economic calculation, and that without clearly defined property rights, the prices of goods and services cannot be determined making economic calculation impossible.
Some libertarians view private property rights as the foundation for which all other natural rights extend from.
In political and economic theory, the distinction between private property in personal goods and private property in the means of production is important.
From the socialist perspective, private property refers to capital or means of production that is owned by a business or few individuals and operated for their profit. Personal property refers to tangible items and possessions individuals own, such as consumer goods.
From the Marxist perspective, private property is a social relationship, not a relationship between person and thing. In capitalism there is little distinction between personal and private property.