This mediating relationship between individual, property and state is called a property regime. The Restatement (First) of Property defines property as anything, tangible or intangible whereby a legal relationship between persons and the state enforces a possessory interest or legal title in that thing. The parties might expect their wills to be unanimous, or alternately every given one of them, when no opportunity for or possibility of dispute with any other of them exists, may expect his, her, its or their own will to be sufficient and absolute. However, there is an expectation that each party's will (rather discretion) with regard to the property be clearly defined and unconditional, so as to distinguish ownership and easement from rent. Property that jointly belongs to more than one party may be possessed or controlled thereby in very similar or very distinct ways, whether simply or complexly, whether equally or unequally. In economics and political economy, there are three broad forms of property: private property, public property, and collective property (also called cooperative property). Depending on the nature of the property, an owner of property may have the right to consume, alter, share, redefine, rent, mortgage, pawn, sell, exchange, transfer, give away or destroy it, or to exclude others from doing these things, as well as to perhaps abandon it whereas regardless of the nature of the property, the owner thereof has the right to properly use it under the granted property rights. Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves.
Buildings of shops, hotels, and residences are common forms of property
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