You borrow it, then you have it, but the lender still owns it (and is long one = zero physical, one lent), and you have to return it. You own zero shares (flat

You borrow it, then you have it, but the lender still owns it (and is long one = zero physical, one lent), and you have to return it. You own zero shares (flat = one physical, one borrowed). Then you sell it, and now somebody else has it and owns it (and is long one = one physical, zero lent), while you own minus one (short one = zero physical, one borrowed). Is that not an apter description?