Property in the abstract is what belongs to or with something, whether as an attribute or as a

component of said thing. In the context of this article, it is one or more components (rather than
attributes), whether physical or incorporeal, of a person's estate; or so belonging to, as in
being owned by, a person or jointly a group of people or a legal entity like a corporation or even
a society. Depending on the nature of the property, an owner of property has the right to consume,
alter, share, redefine, rent, mortgage, pawn, sell, exchange, transfer, give away or destroy it, or to
exclude others from doing these things,[1][2][3] as well as to perhaps abandon it; whereas regardless of
the nature of the property, the owner thereof has the right to properly use it (as a durable, mean or
factor, or whatever), or at the very least exclusively keep it.
In economics and political economy, there are three broad forms of property: private property, public
property, and collective property (also called cooperative property).[4] Property that jointly belongs to
more than one party may be possessed or controlled thereby in very similar or very distinct ways,
whether simply or complexly, whether equally or unequally. However, there is an expectation that
each party's will (rather discretion) with regard to the property be clearly defined and unconditional,
[citation needed]
 so as to distinguish ownership and easement from rent. The parties might expect their wills
to be unanimous, or alternately every given one of them, when no opportunity for or possibility of
dispute with any other of them exists, may expect his, her, its or their own will to be sufficient and
absolute. The Restatement (First) of Property defines property as anything, tangible or intangible
whereby a legal relationship between persons and the state enforces a possessory interest or legal
title in that thing. This mediating relationship between individual, property and state is called a
property regime.[5]
In sociology and anthropology, property is often defined as a relationship between two or more
individuals and an object, in which at least one of these individuals holds a bundle of rights over the
object. The distinction between "collective property" and "private property" is regarded as a
confusion since different individuals often hold differing rights over a single object.[6][7]
Important widely recognized types of property include real property (the combination of land and any
improvements to or on the land), personal property (physical possessions belonging to a person),
private property (property owned by legal persons, business entities or individual natural persons),
public property (state owned or publicly owned and available possessions) and intellectual
property (exclusive rights over artistic creations, inventions, etc.), although the last is not always as
widely recognized or enforced.[8] An article of property may have physical and incorporeal parts.
A title, or a right of ownership, establishes the relation between the property and other persons,
assuring the owner the right to dispose of the property as the owner sees fit.[citation needed]