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

Legal title refers to the actual ownership of the property, which remains with the seller in a contract for deed until all payments are completed. The purchaser does not hold legal title during this arrangement, as it is the seller who is recognized as the official owner until the contract conditions have been satisfied.

Fee simple title represents the highest form of property ownership, granting full rights and control over the property without restrictions. In a contract for deed, the buyer does not receive fee simple title until the contract is fully executed, which is not the case at the time of purchase.

A long-term leasehold is an agreement where the lessee has the right to use and occupy the property for a specified duration, typically in exchange for rent. In contrast, a contract for deed implies a purchase agreement where the buyer is on the path to ownership, not merely leasing the property.