In reality, experts have been trying to define property rights, ownership, and title for years. But there is a general consensus: ownership represents the bundle of rights one acquires when purchasing property. Title constitutes a person's right to assert those rights. It's a subtle distinction, but an important one.

The property owner holds the highest level of interest in it, entailing a bundle of rights that include the right to possess, use, dispose of and even destroy the object. Unlike possession, ownership is a de jure recognition, meaning it is a legal acknowledgement of the rights held by the owner.