Ownership Legal Meaning and Definition

Here is a simplified definition of the legal term Ownership.

Ownership (noun)

Ownership refers to the legal and exclusive right a person or group (also called 'owners') has over a property, item, or idea. This right grants full control to use, enjoy, and dispose of the property.

When multiple people share Ownership rights, it's called 'Co-ownership'. Each Co-owner has the same legal rights of control—even if each person has different amounts of ownership interest.