In an installment contract, who retains legal title to the real property?

In an installment contract, the vendor, or seller, retains legal title to the real property until the buyer has fulfilled their obligations under the agreement, such as making all the required payments. This arrangement, often set up as a form of seller financing, allows the buyer to take possession and potentially enjoy the property while making installment payments, but the ownership rights and legal title remain with the vendor until the contract terms are completed.

This structure serves to protect the vendor's interest, ensuring they have recourse to reclaim the property if the buyer defaults on the agreement. In contrast, the buyer only has equitable title, which grants them rights to use and enjoy the property but does not confer full ownership until all conditions are met. Other stakeholders, such as lenders or tenants, do not hold legal title in this scenario, as their roles and interests differ fundamentally from those of the vendor.