Its like you leasing your house. Your assets still show the house. The lease holders address is the house. If you just see the records, there are two houses. But if you actually count, thereis 1 physical house.
No it's like you leasing your house. Selling the house to a third party. One party (your buyer) owns the house. The original owner also owns the same house, since he only leased it to you.
But houses are non- distinguishable. You don't need to give him back exactly that house, just an identical one.