Feudalism, like many other political systems, is a hierarchy, as I think you already know or suspect. Hierarchy is from the Greek hierarkhia, "rule of a high priest".
At the top of the feudalism hierarchy is God. God shall have dominion also from sea to sea, and from the river unto the ends of the earth. -- Psalm 72:8
Directly beneath God you've got kings, who rule by divine right and by the grace of God. Although, depending on who you ask, and when, there might be a pope between God and a king.
King James I of England said in a speech to parliament delivered in 1610:
The state of monarchy is the supremest thing upon earth, for kings are not only God's lieutenants upon earth and sit upon God's throne, but even by God himself they are called gods.
On the other hand, you've also got popes and the Church, who also administer some lands.
King John of England declared that he held his realm as a fief from the pope in 1213.
The Lordship of Ireland was for centuries considered a papal fief of the King of England, granted to Henry II of England by Pope Adrian IV by a 1155 papal bull.
So, under feudalism, we can see that the lands and resources are owned by God, but administered on God's behalf by kings, who are the divine servants of God. There is further subdivision and delegation, but in the sense of administering the property on the actual owner's behalf, rather than a true transfer of ownership.