possess:

She posesses great artistic talent.  

The company posesses this valuable old building

possession:

My car is one of my most prized possessions.  

 belong to:

The book belongs to Sarah.  

The house belongs to my grandparents.  

This necklace doesn't belong to me; it belongs to my sister.  

Sarah owns the book.   

My grandparents own the house. 

 I don't own this necklace; my sister owns it.  

own

I have my own car, so I don't need to borrow yours.  

 She owns a successful business in the city.  

"on one's own"  

After graduating, she decided to live on her own.  

The child needs to learn to solve problems on his own.  

I traveled to Paris on my own and had a wonderful time.  

owner

The owner of that shop isMr Lee

 ownership:

 He took over full ownership of the company.