Communist – a system of government in which the state plans and controls the economy and a single — often authoritarian — party holds power; state controls are imposed with the elimination of private ownership of property or capital while claiming to make progress toward a higher social order in which all goods are …

The Constitution protects property rights through the Fifth and Fourteenth Amendments’ Due Process Clauses and, more directly, through the Fifth Amendment’s Takings Clause: “nor shall private property be taken for public use without just compensation.” There are two basic ways government can take property: (1) outright …

Eminent domain refers to the power of the government to take private property and convert it into public use. The Fifth Amendment provides that the government may only exercise this power if they provide just compensation to the property owners.

A private property system gives individuals the exclusive right to use their resources as they see fit. That dominion over what is theirs leads property users to take full account of all the benefits and costs of employing those resources in a particular manner.

Private property provides an incentive to conserve resources and maintain capital for future production. Although this is important, the full benefit of private property is not realized unless owners have the ability to exchange it with others.

What are the Disadvantages of a Private Company?

• Smaller resources: A private company cannot have more than fifty members.
• Lack of transferability of shares: There are restrictions on the transfer of shares in a private company.
• Poor protection to members:
• No valuation of investment:
• Lack of public confidence:

The ownership of private property gives power to direct the lives of those who have no property. The rich get control over the political machinery and use it for their advantage. They also corrupt legislatures. They artificially combine to increase the cost of their commodities to the public.

When property rights are not clearly defined or adequately protected, market failure can occur. That is, no solution that meets the needs of all parties involved can be achieved. Traffic congestion might be an example of an externality without a solution.

Property rights define the theoretical and legal ownership of resources and how they can be used. Property can be owned by individuals, businesses, and governments. These rights define the benefits associated with ownership of the property.

A property right is the exclusive authority to determine how a resource is used, whether that resource is owned by government or by individuals. Society approves the uses selected by the holder of the property right with governmental administered force and with social ostracism.

As a general theory of contractual choice, property rights theory bridges the differences between agency and transaction costs theories by requiring residual control rights to match residual rights to income in conceptualizing ownership. Through ownership, property rights theory clarifies the firm’s boundary choice.

Property rights explain the legal and intellectual ownership of assets and resources and one can make use of the same. These assets and resources can be both intangible or tangible in nature, and the owner can be government, individuals, and businesses.

Thus, the three basic elements of private property are (1) exclusivity of rights to choose the use of a resource, (2) exclusivity of rights to the services of a resource, and (3) rights to exchange the resource at mutually agreeable terms.

Common property is all the areas of the land and buildings not included in any lot. It is jointly owned by all owners, and the owners corporation is responsible for its management. However, common property boundaries of each lot are generally formed by: The upper surface of the floor (but not including carpet)

Common property includes but is not limited to the security systems, the driveway and parking bays, the clubhouse, gardens, pool, braai facilities and the external (outer) walls and roofs of the buildings which house the sections. Your monthly levy is your contribution to the maintenance fund of the scheme.

OPENING OF A SECTIONAL TITLE REGISTER

1. Application under section 11(1) of the Sectional Titles Act 95 of 1986.
2. Title deed of the land / property.
3. Sectional plan.
4. Schedule of conditions in terms of section 11(3)(b) of the Sectional Titles Act 95 of 1986 read with regulation 10(3).
5. Rules for the scheme.

The purpose of the Sectional Titles Schemes Management (STSM) Act, No 8 of 2011 is to provide for the establishment of bodies corporate to manage and regulate sections and common property in sectional titles schemes and, for that purpose, to apply rules applicable to such schemes and a sectional titles schemes …

What is a sectional title? “Sectional title simply describes the separate ownership of a unit within a complex or development,” says Dyer. This is in contrast to a freehold, or ‘full title’, where you purchase full ownership rights to a property, including the building and the land upon which it’s built.