private property
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 ]
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