Patent

Definition of "Patent"

Written by

Ginger Wassum

Weichert Realtors

Did you invent something recently? Even if it’s the smallest device or idea, such as a fidget spinner, it would be best to submit a patent application for your idea (or seek patent protection) as soon as possible. Otherwise, you might risk an outsider stealing your IP (intellectual property.) Once this unfortunate event occurs, proving that you’ve been the idea’s originator will be tough. 

What does a patent define?

Patenting an idea has been around for more than 300 years. Typically, a patent describes the exclusive right granted by the US government to a company or person to use, manufacture, and sell a product or process for 20 years. In other words, the inventor operates as a monopoly. For this reason, the government defends the inventor and enables them to produce, utilize, or sell your invention in any country. 

What does the government receive for granting you a patent?

In exchange, the state will request that you tell them how you actually came up with it (for the later common benefit, we might add.) In addition, you must provide references to existing patents (in the domain) and what non-patent literature you were aware of that helped you develop your invention.

A patent acts like a bubble or a shield.

During these twenty years, other parties can’t interfere with or infringe this exclusionary right to use the item. In other words, a patent offers you a shield to prevent any other company or individual from creating, selling, or importing your item from another country. Thus, you’re in a marketplace balloon or, as often used in the real-estate terminology, “bubble.‘ 

As a practical matter, useful life is usually less than 20 years. Why is time limited? Because substantial changes (may) occur in the marketplace and technology industry. 

However, you won’t have access to money instantaneously by owning a patent right. Your market share is granted, but you’ll have to be persistent about getting your fair share. In short, you’re responsible for making and selling your invention.

What qualifies for patent eligibility?

You can apply for a patent if you have a new gadget, composition of matter, process, or assembly of existing parts. Still, when you put them together, you get a new invention. Moreover, your creation has to feature the patentability factor, such as novelty, ambiguity, and utility. 

On the other hand, equations, laws of nature, and various human activities, such as goods transfer, are not eligible for a patent. 

What does a land patent mean?

Initially, a land patent meant granting a piece of land by the government to a land proprietor or private party. Early in US history, the federal government purchased and acquired various lands. Later, it sold pieces of land privately through homesteading, direct transfer, or purchases implying particular land surveying methods. This process lies at the foundation of the transformation from farmlands to modern neighborhoods. 

From no restrictions on the use of land to various degrees of constraint

A land patent was the legal creation of that specific land parcel owned by the private sector. Additionally, it established a contract of absolute ownership of the land without restrictions on use and intrusions of the right. However, later on, as the land was transferred from one owner to the other, restrictions might have been imposed. 

For instance, a piece of property under the land patent enjoyed absolute rights on use. Then, the property underwent a subdivision process, and the original land gave place to hosting condominiums. The condo complex owners don’t enjoy the privileges granted by the original land patent. For this reason, numerous restrictions may hinder them. For example, they’re forbidden from applying specific exterior house colors or can’t drive their cars in the driveway. Besides, zoning limitations or HOA regulations can severely curtail the owner’s rights to change any aspect of their property or build commercial property on that land.