The law of property consists of two separate components,
real property and personal property. Real property is known to be immovable and
personal property is movable. The law of real property governs the laws regarding
ownership of property and anything that included on the property. Ownership and
security interest are included in the law aspect of owning property, whereas
personal property or known as a chattel includes automobiles, financial
currency, and other personal assets. Nature of property is defined by real
estate. In other words, an owner of some type of real estate, is entitled to
the surface of the earth that the property lies on, the subsurface, air above
the surface, mineral deposits, wildlife, timber, fish, water and soil. Surface
rights include riparian rights and littoral rights. In order to gain riparian
rights one must own land abutting a flowing water way like a river or stream.

Littoral means to own land with non-flowing water like the ocean, sea or lake.

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As real property and personal property different, they share
a fine line of similarities as they can transition to one another.  Fixtures are included with personal property
but once it becomes attached to land or a building it becomes a part of real
estate. In regards to lease terms trade fixtures are used. A trade fixture is
personal property that has been attached to real estate in order to conduct
business. For example, a staged home that is prepped for an open house or a
showing that includes a chandelier light fixture but is only stated for presentation
and is not a part of the property, scenarios like this must be clearly stated
in contracts upon a deal for business. Any disagreements as to whether an item
is a fixture the courts with have to settle the dispute. There are four court
test; intent, relationship, method of annexation, and adaptation. Behind every
ownership of property comes with legal rights known as bundle of rights. The
bundle of rights include possession, disposition, enjoyment, exclusion, and
control. There are many particular factors that can interfere with the
enjoyment of property, such as zoning regulations and rights of the government
like eminent domain. Property law governs easements and adverse possession;
these areas affect an individual’s rights of gaining ownership of land.