The terms' possession and ownership may sound alike. However, they are distinguished according to the law as their definitions contain distinguishing factors in them.
Real estate is known to be of these types; residential real estate, commercial real estate and industrial real estate. This article seeks to explain some valid concepts of real estate and the types of ownership in real estate.
A property right is an interest or entitlement of a person in a property that can be enforced via legal means. These rights allow a person to possess, enjoy, use, and dispose of the property s/he owns.
By opting for joint ownership, you and a few others pool in their resources/funds to purchase the property. After purchasing the property, you and your partners have a joint or united ownership interest in the purchased property and are called joint or co-owners of the property.
Shared ownership is a type of ownership, two or more people jointly own residential property. The three common types of shared ownership- tenancy in common, joint tenancy, and tenancy by the entirety.