The Real Estate Encyclopedia
What does Possession mean?
Category - Home Ownership Questions - Lease & Renting FAQ's
Once you have signed the lease agreement and agreed to the term of the contract and its commencement and ending date, you have “possession” of the property as of the commencement date.

If the property owner is unable to deliver possession of the property on the commencement date of the contract, you have the right to a discount on the amount of rent you owe, prorated on a daily basis, until you are able to take possession of the premises.
 
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Home Ownership Questions - Lease & Renting FAQ's
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