Definition§
An owner is a person or entity that possesses the legal right to hold, use, and dispose of property. Ownership grants the dominion or vested title, ensuring that the owner has total control over the property as recognized by law. Ownership can include both tangible and intangible properties.
Examples§
- Real Estate Owner: A homeowner who has purchased a piece of residential property and holds the deed, asserting their legal ownership over the house and land.
- Business Owner: An individual who has established a business, registered it, and owns the legal rights to the business assets and operations.
- Vehicle Owner: A person who has bought and registered a car, hence possessing the title to the automobile, giving them legal authority to use, sell, or lease the vehicle.
Frequently Asked Questions§
What is the difference between an owner and a lessee?§
An owner has complete control and rights over the property, while a lessee holds the right to use the property under a leasing agreement but does not have ownership rights.
Can there be multiple owners of a single property?§
Yes, ownership can be joint or common, meaning multiple individuals or entities can hold legal titles to the same property, each with specific rights and responsibilities.
What is an “Owner of Record”?§
The “Owner of Record” refers to the individual or entity whose name is officially recorded on public documents as the owner of the property.
How is ownership of a property legally transferred?§
Ownership transfer typically involves the signing of a deed or other legal documents confirming the change in title, which is then recorded with the appropriate government authority.
Related Terms§
- Title: The legal basis of ownership, indicating who has the right to control and dispose of property.
- Ownership: The state of having rights and control over property, recognized by law.
- Dominion: Supreme authority or control over property.
- Owner of Record: The individual or entity officially documented as holding the title to the property.
Online Resources§
- Investopedia: Full explanations on property ownership and legal title Investopedia: Ownership
- Nolo Law: Comprehensive legal information on property, ownership, and titles Nolo: Property Law
Suggested Books for Further Studies§
- “Property Law: Rules, Policies, and Practices” by Joseph William Singer
- “Black’s Law Dictionary” by Bryan A. Garner
- “Principles of Property Law” by D. Barlow Burke
