When you own something, whether it be a property or anything else, you exercise full control over it. After all, it belongs to you and no one else.
According to property law, if you own anything, it means you can enforce legal rights over it. You don’t need a lawyer to help you understand the basics of property ownership. In simple terms, if you own it, it belongs to you. For any property that you own, you can do the following things:
- Possess it
- Use it
- Exclude anyone you want from it
- Transfer the ownership to someone else
Basic rights of property ownership:
Here are the basic rights of property ownership you should know about.
- When you own a property, it means that it’s your possession and therefore, you have all the rights over it. In case, you own real property; you can construct buildings on it or even sell it if you want.
- Since you are the owner of your property that gives you the right to use it the way you want, every property has some use or value because of which an individual owns it.
- One of the main advantages of having ownership rights is that you can exclude anyone you want from your property. It’s your property so you get to decide who can stay or use it. No one else can interfere with your decision.
- If at any time you feel the need to transfer your property to someone, you can do it. The law permits you to change the ownership of your property according to your own will.
If you are the owner of your property, you can do whatever you may please with your property. No one can say or do anything to you.