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Ownership pertains to the relationship between a dominant and a submissive. Their relationship is likened to an owner-slave relationship, where the dominant person “owns” the submissive. In everyday life, an adult is an independent member of society who can do as they please, within legal boundaries. In the BDSM community, however, a person can just to be “owned” by their dominant master. This may entail rituals and registering as someone's slave.
Ownership, like everything else within the BDSM community, is negotiated. Some people may negotiate a 24/7 "ownership" where they do as they are told and follow certain requirements each and every day. In other cases, "ownership" may be negotiated to include play times.