Possession

Definition

• Something that is owned.
• In real estate, the term refers to the direct occupancy, use, or control of a property after signing all of the papers at closing and receiving the keys to the house.

Synonyms
owning a home, homeownership, home buy possession, taking possession, buyer possession, home buyer occupancy

Related Terms and Acronyms

• Adverse Possession — Definition,
  • A means of getting title to land by using it without the objection of the title holder.
• Closing Date (cloda) — Abbreviation,
  • The date a buyer takes possession of a property title.
• Conveyance — Definition,
  • A document that transfers a property title.
  • To move something.
• Early Occupancy — Definition,
  • A condition in which the seller allows the buyer to move in before the sale is closed.
• Eviction — Definition,
  • The act of kicking someone out of a property, usually for violating terms of a lease.
• Transfer of Title (TOT) — Acronym,
  • A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.