Property ownership involves physical or legal control over tangible or intangible property. Possession is determined by intent, with ownership granted to those who intend to own or hold property. Even if not physically present, one can still own property. Custody is granted to those who only intend to temporarily use or store property.
Property tenure is the exercise of physical control over tangible property or the legal right to control over property that is not tangible. For example, a person may gain physical control over land, a building, artwork, jewelry, or livestock. He may also have the legal right to control intangible property, such as a trademark or brand name. Additionally, there is a part of the definition of property ownership that includes the intent of the person in control of the property. A person who has control of property with the intent to own it is said to have possession of the property, while a person who does not intend to own it has only custody of the property.
Definitions of property ownership vary, but in most cases they involve control of the property in question. A person is said to have possession of physical property if they are in control of it. For example, a person in control of a car or a building has ownership of the property. The same goes for things like livestock or personal valuables.
Sometimes intangible property is also included in discussions of owning property. In such a case, a person can have possession of the property if he has the legal right to control it. For example, a person is said to own shares if he has the legal right to control them. The same can be true for things like brands and even credit.
Interestingly, a person can be considered to own property even if they do not currently have the property in hand. For example, if a person owns a building that is across the country from where he lives, he is said to still own the property. Likewise, it is not necessary for a person to be physically in his car to have possession of it.
Intent also plays a role in defining ownership of property. For example, a party has possession of property if they have control of it with the intention of holding or owning it. If he intends to use or store it only temporarily, however, he only has custody of the property. For example, if an employee is charged with maintaining a company building while his employer is away, he is not said to have possession of the building. Instead, he has custody and his employer retains possession.
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