What does Possession mean?

Possession - Possession refers to the act of having control or ownership of a property. In real estate transactions, possession is transferred from the seller to the buyer upon the closing of the sale. In a rental agreement, possession is transferred from the landlord to the tenant upon the start of the lease term.

Related Terms

Fair Housing Act Real Estate Investment Trusts (REITs) Shared-Appreciation Mortgage Density Test Cash-Out Refinance Subagent Clear Title As-Is Condition Closing Agent Investment Property Square Footage Project Budget Liabilities Return on Investment Estimated Total Costs of Renting Mechanic's Lien Active Solar System Bankruptcy