A buyer offers $150,000 for a property, the seller accepts and both parties sign the contract. Prior to the closing what type of title does the buyer have in the property?

A bilateral contract refers to an agreement in which both parties have made promises to each other, which is not a type of title but a characteristic of the contract itself. In this scenario, the contract between the buyer and seller is indeed bilateral, but it does not describe the title the buyer holds.

Legal title refers to actual ownership and the rights associated with it, which transfers to the buyer only upon closing. Since the closing has not occurred yet, the buyer cannot possess legal title at this stage, making this choice incorrect.

A voidable title indicates a situation where one party can void the agreement under certain conditions. While the buyer may have rights associated with the contract, the title they hold prior to closing is not classified as voidable; it is rather equitable, representing their right to obtain legal title upon fulfilling contractual obligations.