asset Vs property

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Sun14

Senior Member
Chinese
Hello. my friends,

I was wondering what is the difference between asset and property:

1) "I have two million dollars worth of asset."

2) "I have two million dollars worth of property."

Thoughts: I refer to them as the value of all the things I have.
 
  • Copyright

    Senior Member
    American English
    It would be "assets," as mentioned in your other thread. And have you looked in our dictionary? assets:
    • the total resources of a person or business.
    Assets can refer to property, but it is not a synonym of or legal reference to property.
     

    Sun14

    Senior Member
    Chinese
    It would be "assets," as mentioned in your other thread. And have you looked in our dictionary? assets:
    • the total resources of a person or business.
    Assets can refer to property, but it is not a synonym of or legal reference to property.
    I have looked it up but I have no idea why I cannot use it.
     

    dojibear

    Senior Member
    English - Northeast US
    Example

    Last week George and his lawyer made a list of all his assets. They included his house, his car, and even his furniture and home computer.

    All of them together were worth $500,000. His single biggest asset was his house. It was totally paid for (no mortgage), and worth $400,000. He also had $25,000 cash savings. $70,000 in stocks and bonds. and $5,000 worth of personal assets like a car, furniture and clothing.

    If his house was worth the same but had a bank mortgage of $75,000, his total assets would still be $500,000, but he would also have $75,000 in total liabilities and his total net assets would be just $425,000.

    We would then also say his (total) net worth was $425,000.
     
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    dojibear

    Senior Member
    English - Northeast US
    Usually property refers to real estate (house, condo,empty land). However there is also a term personal property, and another one property of someone. These last two can mean anything owned by someone.

    When listing your assets for a bank, the house is real property(real estate) and the bicycle is personal property. They are 2 types of property in legal matters. There are probably several other types.

    When discussing who is the legal owner of a bicycle, we say it is Bill's property, not Sam's.
     

    morior_invictus

    Senior Member
    Slovak
    There may be differences in interpretations.

    If "property" could be considered "a bundle of rights" in law, then one could interpret it in its broadest sense as (i) "everything that is one's in law" (= proprietary + personal rights)(e.g. one's real estate + one's life) and then narrow it down to (ii) proprietary rights only (in rem + in personam)(e.g. one's real estate or the right of its ownership + debts due to one), (iii) proprietary rights in rem (tangible + intangible)(e.g. building + copyright), (iv) tangible property (e.g. a car or the right of its ownership).

    In accounting, where balance sheet is, usually, classified ~:
    A. Assets
    (i)
    Current assets (cash, receivables, inventory, ...)
    (ii) Non-current assets (investments and funds; tangible capital assets/property,plant and equipment/fixed assets; intangible capital assets, other non-current assets)
    B. Liabilities + Equity

    ..."property" can be a narrower term than assets.
     
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    Glasguensis

    Signal Modulation
    English - Scotland
    There are many differences between the two words, Sun14. Your example sentence is not sufficient context - please provide a complete context of who you would be saying this to and why, and also of what the value refers to (Land? Money? Goods you intend to sell? A work of art?)
     

    Sun14

    Senior Member
    Chinese
    Thanks for your kind replies. I read the threads find that property tends to mean something real like house or belongings and it seldom refers to the virtual thing like bonds, stocks and liabilities.
     
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