What does an installment contract (land contract) not provide to the buyer?

An installment contract, also known as a land contract, is a type of agreement where the buyer makes payments over time and receives the right to occupy and use the property during this period. However, one of the key characteristics of an installment contract is that the buyer does not receive legal title to the property until the full purchase price has been paid.

This means that while the buyer has equitable interest and the right to occupy the property, they lack legal ownership until they fulfill the terms of the contract completely. In contrast, the other aspects such as the exclusive right to occupy the property, the ability to potentially refinance, and the option to sell the contract generally exist within the framework of an installment contract.

Therefore, it is the lack of legal title that distinguishes the nature of an installment contract and highlights the buyer's position in the agreement until payment obligations are met.