What is the difference between ownership and possession, and how does it impact one's rights and responsibilities in terms of property?

Ownership refers to having legal rights and control over a property, while possession refers to physically having control or custody of the property. Ownership grants the owner the right to use, sell, or transfer the property, while possession gives the possessor the right to physically occupy or use the property. The distinction between ownership and possession impacts one's rights and responsibilities in terms of property because the owner has legal authority over the property, while the possessor may have limited rights and responsibilities depending on the terms of their possession.