What is Property Trust? Propety is an abstract legal term utilized for the transfer of real property from one party to another non-chartered party. Transfer simply means giving, transferring or lend. The whole idea is rather simple. It must only do with real property that is transferred between legally distinct parties without any extraneous intervention of government by the government.
A propety is a mere contract and not a transfer. Therefore the parties to the propety have no actual control over the property while under the contract. This simply means that they are not entitled to possess, use, receive rents, grants, profits, or any other right or benefit of ownership in the property transferred. This is true whether or not the property is actually transferred into their name or merely recorded as another’s. Although there is often some confusion between ownership and control, this is merely a confusion between a legal entity and a mere legal title.
When it comes to the meaning of ownership, propety actually signifies direct possession. A propety does not transfer property into the names of the parties involved but merely gives the former a legal title to the object. In simpler terms, the individual who receives the property actually owns it in the eyes of the law; i.e., they gain direct possession of the object. Conversely, when one receives an assignment of ownership, commonly referred to as “assignment of ownership,” the individual is granted partial possession of the object, which is equivalent to a grant or license to use the object.
There are certain situations where a property owner can acquire “assignments of ownership” and then become “direct owner” of the object. If a landowner wishes to construct a building and wishes to occupy the property for the construction phase only, this would be a perfect example of indirect possession. He does not yet own the object; yet he is the immediate possessor of the property. However, if he does construct the building and is able to sell it to a willing buyer, he is now the sole owner of the property because he has “assigned ownership” of it. In this case, he becomes the direct owner of the building.
The situation of indirect possession is different. A propety will exist when an individual owns a legal title to an object, but possesses partial or full control of that object. When this happens, a person is said to be an indirect possessor. For instance, if you own a lien on a property but do not have the deed for it, this is an example of indirect ownership.
Propety in landlord/tenant law is defined as a relationship whereby one party has exclusive right of use and occupation to the property while the other party has equitable right to the use and occupation but without exclusive right to it. In some jurisdictions, the landlord/landlord is considered the direct owner of the house and is allowed to make all the decisions. In others, the parties share the property and the landlord retains the exclusive right of use and occupation, while the tenant has the right to use and occupation but is not the owner of the house. Some jurisdictions also recognize co-ownership or two party tenancy where one party has exclusive right of use and occupation, while the other party is responsible for maintenance. In general terms, if the person who is the owner of the house actually lives in it with you as a single tenant, he would be considered your propety, but if you live with your family as a co-owner, you are considered its direct possessor. This is the reason why in joint ownership of a house, there are separate titles: the owner of the house, and the co-owner or family members.