The delivery of possession is an important part of real estate change, but its effectiveness under strict registration is often neglected. In the case of“one house and two sales”, it is not appropriate for the first-time buyer who has actually bought the possession but has not yet obtained registration to be recognized as a general creditor. The transfer of possession allows the first-time buyer to obtain the three core rights of possession, use and income. Therefore, it should go beyond the strict dichotomy of property rights and creditor’s rights, and surely the first buyer has the“quasi-property right”. The publicity of the possession requires the buyer to make reasonable investigation, otherwise it is not good. The property rights of the first-time buyer should be given priority. The post-purchasing person who has already registered can only defeat the pre-emptive buyer’s quasiproperty right if it meets the requirements of bona fide purchaser (BFP).