What does "possession" mean in real estate terms?

Possession in real estate refers to the right to occupy or control a property. It encompasses not just physical possession, where an individual actually resides in or utilizes the property, but also the legal aspect of having rights to the property which may not always involve physical presence. This concept is essential as it differentiates between merely owning a property and having the authority to use it.

While other options touch on relevant real estate activities, they don't capture the definition of possession as clearly. The right to lease a property pertains to leasing agreements, not directly to possession itself. Selling a property involves a transfer of ownership but does not inherently include the concept of possession, while the process of transferring ownership focuses on the legal change of title rather than the right to occupy or control the property. Thus, the correct understanding of "possession" is indeed encapsulated in the notion of the right to occupy or control property.