Once you close on the property, you become the owner and have the rights of possession, control, exclusion, enjoyment, and disposition.
Use rights and quiet pleasure Right to exclude others and to grant others a right to use (via licenses and leases). Right to dispose of or transfer ownership of the property to another party through gifting, inheritance, or sale.
How do we define ownership of land?
- Unless the lot or parcel has been sold under a real estate contract, the vendee or grantee shall be deemed to be the owner, the term "owner of land" means the record owner of at least a majority ownership interest in a separate and legally created lot or parcel of land, as determined by the records of the county auditor.
Specifications of Ownership
- Right to possess means the ability to keep what he possesses in his possession:
- use and enjoyment of:
- Right to consume, abridge, or abridge (liberties):
- Right to be perpetual and of indefinite duration:
- True right:
- Ownership is residual in nature:
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