The interest that a buyer acquires when a seller accepts the terms and conditions of a purchase agreement is called:

Statutory title is not a standard term in real estate transactions. It generally refers to a form of ownership or title recognized by law, but it does not specifically relate to the interest of a buyer in the context of a purchase agreement. Therefore, it does not accurately describe the situation where a buyer acquires an interest in the property upon acceptance of the purchase agreement.

A non-freehold estate typically involves a leasehold interest where the tenant has possession of the property for a specified period without owning it. This term does not apply to buyers acquiring interest in a purchase agreement since it implies temporary tenancy rather than ownership rights, which are established through equitable title.

A freehold estate denotes an interest in real property that is of indefinite duration and typically involves ownership rights. However, this term applies to the legal title rather than the interest acquired by a buyer in a purchase agreement. The buyer’s interest at this stage is more accurately described as equitable title, which precedes the establishment of a freehold estate.