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Private property is a legal designation for the ownership of property by non-governmental legal entities. Private property is distinguishable from public property, which is owned by a state entity, and from collective or cooperative property, which is owned by one or more non-governmental entities.
Types of Property. Property, in the broad sense, describes anything that a person, group of people, or entity owns. It includes real property, personal property, private property, government-owned property, and more.
A: On Real Estate, you will need to enter state the Propertys Disposition status: H - Held (aka Retained) PS - Pending Sale. R - Rental. S - Sold.
Community property means that spouses who acquire property during marriage own property equally, 50/50. That means that one spouse on death can leave his or her share as he or she wants and on divorce, it typically is divided 50/50 as well.