How is the term "possession" defined in leasing?

The term "possession" in leasing fundamentally refers to the legal right granted to a tenant to occupy and use the leased property. This definition encompasses not only physical occupancy but also the legal entitlements that come with the lease agreement. Possession means that the tenant has been given access to the property by the landlord and is recognized by law as having the right to use and enjoy that property for the duration of the lease.

Understanding this definition is critical for both landlords and tenants, as it delineates the rights and responsibilities associated with the property. For instance, possession is a key factor in determining whether a tenant can enforce their rights under the lease and how landlords are to fulfill their obligations to provide a habitable living environment.

The other options do not capture the full legal essence of possession in the context of leasing. While having physical possession of property keys may indicate a practical ability to access the property, it does not encompass the legal nuances of occupying a space. Likewise, the ability to pay rent is related to the responsibilities of the tenant but does not define possession itself. Finally, the duration of lease ownership speaks to the temporal aspects of a lease but does not capture the critical aspect of the legal right of occupancy. Thus, the correct understanding of "pos