The Basics of Property Law

Property Law can simply be defined as Law that relates to property matters. Now ain't that overly-simplistic introduction?

What's interesting to note is that contrary to the definition of property as done by ordinary men, law doesn't consider property as a thing, but the right to own and make use of that thing. So in essence, any piece of land or a building is a thing and my property is the right of ownership I have over this land or building.

Property is of movable and immovable types and Property Law mainly deals with the latter one.

At the core of Property law is the Transfer of property ACT 1882 that defines how property can be transferred from one living person to the other. Getting yourself acquainted with this Act is a must if you are serious in real estate business in Pakistan or any other country that follows the UK law.

Before we move on to the names of other Acts and Ordinances that constitute Property Law, it should be noted that a transfer of property doesnt necessarily mean that a transfer in ownership has taken place. A transfer can also mean a transfer of owners' interest in the property only. Every owner of a property also enjoys the following rights to his property:

- The right of possession
- The right of control
- The right of exclusion
- The right of enjoyment
- The right of disposition

Reference: http://realestate.about.com/od/ownershipandrights/f/bundle_of_right.htm

If the owner gets into an agreement with another party, such as a financial institute, and this agreement results in an inability for the owner to exercise his rights, a transfer has taken place. Mortgage would be a classic example.

Apart from the Transfer of Property Act, there are a number of other Acts that contain matters related to property and these are:

- The Limitation Act 1908
- The Registration Act 1908
- The Succession Act 1925