Property ownership refers to the legal right to possess, use, and manage a piece of real estate or land. This can include residential homes, commercial buildings, or vacant lots. Owners have the ability to make decisions about their property, such as selling, renting, or renovating it. Property ownership often comes with responsibilities, including paying property taxes and maintaining the property. When someone owns property, they typically receive a title, which is a legal document proving their ownership. This title can be transferred to others through sales or inheritance. Understanding property ownership is essential for anyone looking to invest in real estate or secure a place to live.