What is a purchaser’s legal right to purchase property while under contract called?

The term that describes a purchaser's legal right to purchase property while under contract is "equitable title." When a buyer enters into a purchase agreement and the contract is valid, they gain an equitable interest in the property, which means they have rights to the property that are enforceable under law, even though they do not yet hold the actual legal title. This right allows the buyer to seek specific performance or other remedies should the seller fail to fulfill their obligations under the contract.

Equitable title represents the buyer's interest in the property, acknowledging that they will eventually gain legal title once the transaction is completed and the property is transferred. This distinction is important in real estate law, as it highlights the buyer's rights during the interim period between entering a contract and closing the sale. Legal title, in contrast, is only obtained when the property transfer is finalized, and the owner has registered their ownership rights. The other terms listed do not have recognized meanings in the context of real estate transactions.