Which phrase describes the legal ability a property owner has to use their property?

The phrase that accurately describes the legal ability a property owner has to use their property is "ownership rights." This term encompasses the range of entitlements that come with property ownership, allowing the owner to utilize, manage, or transfer their property as they see fit. Ownership rights include the authority to occupy the property, make improvements, lease it to tenants, and sell or convey it to others.

In contrast, possessory interest refers to the rights held by someone who physically occupies or controls a property, but not necessarily the wider legal rights associated with ownership. Leasehold interest applies to tenants who have a temporary right to use and occupy the property under specific terms outlined in a lease agreement, which is distinct from ownership. Contractual obligation involves responsibilities established by agreements or contracts which may include various aspects of property use but do not inherently convey the full legal abilities that come with ownership rights. Thus, ownership rights best captures the full scope of a property owner's legal capabilities regarding how they may use their property.