Under the terms of a land contract, the buyer is entitled to an executed deed to the property upon

While acceptance of the purchase offer is a critical initial step in the transaction process, it does not by itself grant the buyer ownership or the right to an executed deed. The acceptance merely signifies that both parties agree to the terms, but further steps, including payment, are necessary to finalize the contract.

Taking possession of the property can occur prior to the full payment in a land contract, but it does not legally transfer ownership. Possession is often granted as part of the buyer's right to occupy the property before the final settlement, yet the executed deed is contingent upon complete payment.

Making the down payment is an important part of the financing process and demonstrates the buyer's commitment, but it does not conclude the transaction. The down payment is typically a fraction of the total purchase price, and further payments must be made for the buyer to receive the executed deed.