What type of interest does a buyer expect to receive with an executed agreement for purchase?

When a buyer enters into an executed agreement for purchase, they acquire what is known as equitable interest in the property. This type of interest indicates that although the buyer does not yet hold legal title, they have a beneficial interest in the property. Equitable interest gives the buyer certain rights, including the right to enforce the contract and seek the transfer of legal title once all contractual obligations are met, such as payment and closing.

In simple terms, equitable interest reflects the buyer's stake in the transaction and their right to a future claim on the property. This is particularly important in real estate transactions, as it protects the buyer's interests while the transaction is completed, typically culminating in the transfer of legal title upon closing. The other choices do not accurately reflect the rights or interests a buyer has prior to closing.