Term: Property Right
Description:
A property right refers to the legal right or interest one has over a specific asset or property. It encompasses the privileges and control a person or entity possesses in relation to their property, including the ability to use, transfer, or exclude others from using the property.
Sample Sentences:
- John's property right allowed him to lease his house to tenants while still retaining legal ownership.
- The dispute arose due to the violation of Susan's property rights by her neighbor, who continuously encroached on her land.
- The government ensures property rights are protected to encourage private ownership and economic development.
- When purchasing a property, always consider the property rights involved in order to avoid any future legal complications.
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