The key difference between property and premises is that property refers to anything that is owned by a person or an entity whereas premises refer to land and buildings on it.
Property can be either tangible, intangible, movable or immovable. Premises, which generally refers to a building with the land surrounding it, is tangible and immovable property. In legal documents regarding real estate, premises refer to the portion of the property and/or components of it that are the subject of the lease/sale.
1. Overview and Key Difference
2. What Does Property Mean
3. What Does Premises Mean
4. Relationship Between Property and Premises
5. Side by Side Comparison – Property vs Premises in Tabular Form
What Does Property Means?
Property basically refers to something owned by a person or an entity. This includes money, land, buildings and other tangible things of value as well as intangible things that can be considered as a source or element of income or wealth. There are two main types of property as personal property and real property. Real property includes land, buildings, growing plants, and other fixtures; in other words, these include all immovable property. Personal property, on the other hand, includes all movable property including machinery, goods, and animals. Moreover, intangible items such as stocks, bonds, and intellectual property also come under personal property.