"A domain name is an identification label that defines a realm of administrative autonomy, authority, or control on the Internet, based on the Domain Name System (DNS). Domain names are often referred to simply as domains and domain name registrants are frequently referred to as domain owners, although domain name registration with a registrar does not confer any legal ownership of the domain name, only an exclusive right of use." *Wikipedia

This is not something everyone knows. You, as the Registrant of the Domain Name are granted an exclusive right to use the name for the period of registraiton. For .com / .net / .org this is usually yearly, for .com.au / .net.au / .org.au you renew your registraiton every two years.

To register your domain name you must provide a the Administrative Contact (YOU). The Administrative Contact usually has the highest level of control over a domain. The Admin Contact must conform to the requirements of the domain registry in order to retain the right to use a domain name.