What is right of possession?

General idea about the right
The Right of possession is the right enjoyed by a person who currently holds something and enjoys temporary ownership or full ownership over the object held. This right can be better explained with an example. A person buys a home and applies for financing. He thereby possesses this right. The bank or financial institution that has provided the mortgage will have the right of property. If the person again rents his house to a third party then the third party only has the possession but does not enjoy any right to it. If a person buys a car out of his own money then he possesses all rights of the car including right of property, right of possession and possession. This right is more relevant in the context of real estate. A person will have such rights regarding a piece of property. Canada has laws governing the use of this right.
Rights in regard to real estate for possession
A squatter is a person who does not own anything. He is involved in occupying property and enjoying possession of them. They start occupying the property for a long period of time. They start improving the property to make it livable. They continue to utilize property and live on it till they possess the main rights to possess them. They gain the rights for these possessions only after they prove that they have been occupying the property for a long period. Once this right has been secured, the squatter can sell the property. When people buy large tracts of unguarded land, they must ensure they follow some guidelines to prevent any squatter from occupying the property. One of the best practices is to employ a watchman. The duty of the watchman is to ensure that no squatters occupy the land. The watchman can inform the police who will evict them from the land. An agreement can be signed with the watchman so that he himself does not turn into a squatter. This right is an important right for the homeless. There are several organizations that are involved in protecting the rights of such squatters.
Rights regarding possession with reference to inheritance
In matters involving inheritance, such rights play a big role. The will of the person specifies how these rights of the assets must be passed to the next generation. There are various federal laws enacted with regard to inheritance laws. The right also comes into play during divorce settlements. The couple must decide the rights of all the properties owned by the couple. The right plays a big role in many legal situations but it must be handled delicately. Such rights also come into play when the person who has applied for a mortgage expires before the termination of the mortgage agreement. These rights are usually transferred to the legal heir of the deceased. The federal government of Canada has various laws for the people who deserve the right of possession.

Add Your Comments:
Fields with * are required
Your Comment Below:
Enter Above Code
Note: Comments are moderated - Spam will be deleted

HOME | Contact | Disclaimer | About Us | Faqs | Discussion |