Who Owns Property?
Who Owns Property?
Property in the real world is usually attains with something-whether as a possession or as an element of that thing, whether as an actual possession or as an element of that possession. But when we talk of property in our paper-based virtual world, property becomes something completely different. In property, the possession refers to the something or parts of something that the owner possesses. The elements refer to the ways in which the owner uses his property.
When you say: “I own a piece of property,” what you mean is that you possess a specific form of ownership of that piece of property. What that possession entails is the way in which the property and its parts are used by you. So, if I am a landowner, I can say that I own a tract of land. That does not mean that I own the entire piece of property but just the portion that I use. If I own a building, then I am the owner of the building but only occupy the portion of the building that I use.
There are also two other types of ownership based on the ownership of things. One is the legal form of ownership and the other is an intangible kind of ownership. Legal ownership means the right a person has to use a certain piece of property for a certain purpose. Other types of ownership are a proprietary form of ownership and an easement form of ownership. Let us take up the first one first. What does “own” mean in this context?
In legal terms, “owned” means that a person can use a certain property for a certain purpose. In its most common usage, the word “owns” means that the person who possesses the property can use it for any purpose. Thus, a person who owns a property can use it as a house, an office, a farm, etc. In addition, if the person who owns the property is a landlord, he can use the property as his own private property. However, in this latter usage, “ownership” is substituted for “possession.”
So when I say that a person owns a property, I do not mean just that he can use it. Instead, I am using it to mean that he has exclusive possession of it. He can do whatever he likes with it; he can rent it out, sell it, or do anything else that he wants with it. If the property does not have any occupants yet, then it is a freehold property, which means that the person who owns it can use it as he wishes for as long as he wishes. But if there are some individuals who want to occupy the property, then they would become its exclusive owner.
The main reason why a lot of people feel confused about the ownership of a property is because they are usually taught that the property is an item that can be owned in one’s lifetime. But this is not true. Property rights exist at the time of its creation. The right to own a property is only secured when one actually possesses the property. Therefore, do not rush into buying a property and do your research first.