Private property refers to the ownership of property by private parties - essentially anyone or anything other than the government. Private property may consist of real estate, buildings, objects, intellectual property (copyright, patent, trademark, and trade secrets). The transfer of a private property commonly takes place by the owner's consent or through a sale or as a gift.
See also: eminent domain and public domain.
Compare: public property
[Last updated in April of 2022 by the Wex Definitions Team]