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What is the difference between ownership and possession?
Ownership refers to the legal right to control and claim a property, while possession refers to physically holding or occupying the property. A person may possess a property without legally owning it.
Ownership
Ownership includes legal rights and authority over a property.
- Legal title to the property
- Right to sell, transfer, or lease
- Long-term and enforceable property rights
Possession
Possession refers to the physical control or occupancy of a property.
- Physical occupancy or use of property
- Temporary or permanent control
- May exist without legal ownership rights
Ownership and possession are different legal concepts in real estate. Ownership provides legal control over property, while possession relates to physical occupancy or use.
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