The purchaser of a contract for deed acquires what type of interest in the property?

Legal title refers to the formal ownership of the property, which remains with the seller until the contract for deed is fully executed. The seller retains the legal title as a security interest until the buyer has completed all required payments, reflecting the distinction between ownership rights and possession.

Fee simple title represents the highest form of property ownership, granting full rights to the property without limitations. In a contract for deed, the buyer does not initially receive fee simple title since they only obtain equitable title until the conditions of the contract are met, at which point legal title may transfer.

A long term leasehold is a rental agreement that grants the lessee the right to occupy the property for a specified period while paying rent. Unlike a contract for deed, which implies a path to ownership, a leasehold does not confer any ownership interest in the property itself.