14.2 Classification of property ( real and personal, movable and immovable, tangible and intangiblee)

Real and Personal

Real property: Also known as real estate or immovable property, real property includes land and everything permanently attached to it, such as buildings,

Personal property: Personal property, also known as movable property, includes assets that are not permanently affixed to land. It encompasses a wide range of items, such as vehicles, furniture etc.

Movable and Immovable

Movable property: It includes assets that can be transported from one location to another without damaging them or the land. Examples include vehicles, furniture, and personal belongings.

Immovable property: It refers to land and structures permanently affixed to it. It cannot be moved without significant difficulty or damage to the property.

Tangible and Intangible

Tangible property: Tangible property refers to physical assets that have a physical form and can be touched or seen. Examples include real estate, vehicles, machinery etc.

Intangible property: Intangible property includes assets that lack a physical presence but have value and legal recognition. Example; intellectual property, financial assets etc.