In a land or installment contract, who retains legal title?

In a land or installment contract, the seller retains legal title to the property until the buyer fulfills the terms of the contract, which typically includes making a series of payments. This arrangement allows the buyer to take possession and use the property while they are making payments, but full ownership is not transferred until all obligations under the contract are satisfied. The seller maintains ownership rights, and if the buyer defaults on the payments, the seller has the right to reclaim the property.

This structure is designed to protect the seller's interests while also allowing the buyer to gradually acquire ownership. The buyer has equitable interest, meaning they hold their rights to the property as long as they adhere to the terms of the contract, but they do not possess full legal title until the agreement is completed and any necessary payments have been made.