possession

When the Purchaser takes over legal control of the premises, he is in possession. There is a distinction from occupation as only an owner or potential owner can possess, whereas a tenant can occupy without any intention of owning the property. The terms 'possession' and 'occupation' tend to be used interchangeably and the distinction is not that important. However, the distinction between 'possession' or 'occupation' and 'transfer' is very important as the contract will usually state that risk in the property will pass on one or other of these dates.

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Terms that closely resemble "possession":