What does sole ownership of property signify?

Sole ownership of property signifies that the property is owned entirely by one person. This means that the individual has full control and responsibility over the property, including the rights to sell, lease, modify, or use the property as they see fit without needing approval from other parties. Sole ownership grants the owner exclusive rights, allowing them to make decisions independently, which is a key characteristic of this type of ownership. It also entails personal liability for any obligations associated with the property, such as taxes and maintenance. Understanding sole ownership is essential in real estate as it clearly delineates the rights and responsibilities of the owner compared to joint ownership scenarios where multiple parties are involved.