Possession

Possession is a term that is used in the real estate industry to refer to the time when a buyer officially signs the requisite papers and receives their new home's keys. At this time, the buyer is said to legally take possession of the property. For example, say you are interested in purchasing a home and have seen several great properties on the market. You finally decide on the one that you want and begin the process of securing a mortgage for the home. After the mortgage is secured, and the deed is signed over to you, you are legally in possession of the home and can move in, rent the property or do what you like. The term possession is also closely related to the idea of repossession. During a home's repossession, the lender takes back the property that was foreclosed on because of a breach of contract.