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Fundamentals of Property Ownership

PROPERTY refers to things which are capable of satisfying human wants and needs and are susceptible of appropriation.

Under Philippine law, specifically Article 414 of the New Civil Code, property is classified into two: immovable or real property and movable or personal property.

The distinction between the two is very important as there are different laws regarding their acquisition, use, loss, sale, registration, possession and so on.

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