In different legal systems of the world, properties are classified into different categories such as personal and real, private and public, movable and immovable, absolute and qualified, corporeal and incorporeal, etc. The distinction between these types of property is significant for a variety of reasons. Firstly, classification ensures the proper application of the law. This is because the legal regime that governs goods depends on their nature and accordingly their legal treatment substantially varies. For instance, one's rights on movables are more attenuated than one's rights on immovable (or real property). The statutes of limitations or prescriptive periods are usually shorter for movable than immovable property. Besides, real property rights are usually enforceable for a much longer period of time and, in most jurisdictions, real estate and immovable are registered in government-sanctioned land registers. More essentially, the manner for transfer of the possession or ownership of things depends on their nature. For example, the possession of ordinary corporeal chattels (movable things) may be transferred upon delivery. On the contrary, possession of immovable things requires more additional formalities like registration. In short, classification of property has a paramount importance in facilitating legal regulation of property rights and economic transactions.
