Property = Something that is owned. .. You own it and it's under your name .. Possession = it also means you own something but to which you don't necessarily have private property rights Generally Speaking == > Property usually deals with homes and land. Possessions are usually anything you own.

Just to add a bit to Mohammad's great answer. Let's say you are bad and you steal a car from your sister. You possess the car, but it is actually your sister's property. You have it, but it isn't your thing. Property is something you have the legal, documented ownership of. Possessions are less specific, they are just things you have.

Property is anything owned commercially, such as goods, which is anything moveable and identifiable prior to its contract of sale; materials, which are the parts used to construct those goods; livestock, which is living stock such as a bunch of chickens that aren't pets, ideas such as song lyrics or special recipes, or land which is used commercially. Possessions are anything owned, but not commercial, like your childhood teddy bear, personal firearm the clothes on one's back.