Introduction
Private property is a concept that is used to define the possession or ownership of property by a non-governmental legal entity. It is distinguished from personal property in the sense that personal property means property meant for personal use. In abstract, property is referred to as the issue which is had or belongs to someone or something being regarded as a component or as an attribute. Depending on the nature of the property, the owner of the property has some right to consume, alter, and share (Troisi-Paton 2007). Rent and even transfer as well as give away the property. Though private property is considered as a system of personal decision making, According to the theories that are quite against some issues concerning private property, it does not solely make verdicts. There were theories that were actually proposed by different theorists to either support the concepts of private property.
Theorists Rosen as well as Wolff had some thought that were politically initiated. They were in support of the private property concept. Their political thoughts were navigated towards the constitution. To begin with, there issue of private property navigates towards ownership and freedom of action upon the selected items (Sened 1997). That is, the constitution is one of the governing bodies that helps understand the outstanding differences between an item and a thing that is privately owned or that which publicly owned.
The legislature holds to the fact that property that is privately owned is subject to unquestionable decision making by the owner. That is the constitution hold that the owner of the private property has the right to rent the item (Sened 1997) . The renting responsibility is not hidden nor deviated towards a different party. The sole owner is the one who is legally supposed to handle such ownership responsibility. Considering that a private property can belong to either an individual or even group hence bringing the idea of legal entity as a privately owned entity and hence giving a law-determined identification.
Despite the above discussed stand on the issue of private property, there exist different political as well as legal thoughts concerned with the absolute reference to property concepts. Theorist like the Karl max among others has different ideas about property ownership (Troisi-Paton 2007). Basing an argument on the Bundle theory, there is a disparate bundle of legal entitlements. The private possession of certain items is granted by the entitlement that is granted by the law towards certain legal rights on the property.
However, other theorists have their political thoughts alienated towards detailed consideration of what should happen to the private property. In cases that incorporate chattels as well land, property includes the full gamut of right to carry out some activities as long as the constitution at large or even part of the legislature supports some event to take place (Troisi-Paton 2007). For example, it provides that the owner has the equitable right to use the owned resource. Secondly, it gives the owner or owners the right to exclude others from accessing it. Ideally, the owner possesses the rightful possession of rights to sell or hire off the property.
Conclusively, some property theorists argue that it is very easy to elaborate the detail of entitlement of property. They argue that the account of having features such as power over property, having immunity over intruders and having remedy towards own property play a vital role in determining the concept of private property.
References
Troisi-Paton, K. (2007). Property rights. Detroit: Greenhaven press.
Sened, I. (1997). The Political Inst Property . Cambridge: Cambridge University printing Press.
