What term describes an individual's legal ownership of a property or right?

The term that describes an individual's legal ownership of a property or right is "Title." Title represents the legal concept of ownership, indicating who has the rights to a particular property or asset. When someone holds the title to a property, they possess the legal title, which grants them the ability to sell, transfer, or otherwise control the property. This ownership is often documented through a title deed, but the title itself is the overarching term that signifies legal ownership.

In contrast, a deed is a legal document that formally conveys title from one party to another but does not itself describe ownership. An estate refers to the total property owned by an individual, including all rights and interests, but it is more about the nature and size of the ownership rather than the legal ownership itself. A lease is a contract granting someone the right to use property owned by another for a specified time period, but it does not convey ownership. Thus, title is the most precise term to indicate legal ownership of a property or right.