take possession

Also found in: Legal.

take possession (of something)

to assume ownership of something. I am to take possession of the house as soon as we sign the papers.
See also: possession, take
References in periodicals archive ?
Today's investors are being offered several ways to invest in gold including a new breed of securitized products which investors are told, provide all of the security of physical gold without their having to take possession of the metal and deal with storage, insurance and the like.
The Department is authorized by law to take possession, suspend or revoke a license issued under the Money Transmitter law if certain facts or conditions are discovered.
We are very pleased to take possession of this new facility.