Which term refers to the process of legally giving up ownership of a property?

The term that refers to the process of legally giving up ownership of a property is "alienation." Alienation specifically covers the act of transferring property rights from one party to another. This can occur through various means such as selling, gifting, or conveying property through a will. It implies the relinquishing of ownership rights and control over the property, making it a crucial concept in real estate law.

Other options have distinct meanings: acquisition refers to obtaining ownership, dedication typically relates to setting aside property for public use, and transfer is a broader term that can encompass both alienation and acquisition without specifying the relinquishment of ownership. Thus, alienation accurately describes the act of giving up ownership rights, making it the correct choice.