In the realm of property law, the term describes the transfer of ownership rights to real property from one party to another. This transfer can occur through various means, such as sale, gift, or will. The definition is central to understanding how property changes hands and how legal ownership is established. A simple illustration would be an individual selling a house to a buyer; the seller alienates their ownership rights to the buyer.
The concept is significant because it ensures the free flow of property within a market economy. Without the ability to transfer ownership, land and buildings would become stagnant assets, hindering economic growth and development. Historically, restrictions on the ability to transfer land have often been associated with feudal systems or other forms of social control. The power to freely transfer ownership provides individuals with a fundamental right and contributes to a dynamic and prosperous society.
