In an installment land contract (also known as a contract for deed), the seller provides financing to the buyer. The seller retains legal title to the property as security for the loan, while the buyer receives equitable title at the time the contract is signed. Equitable title grants the buyer the right to possess and use the property (possession) and the right to obtain full legal ownership (legal title) once all the terms of the contract, including making all payments, have been fulfilled. The seller is obligated to transfer the deed and legal title upon the buyer's completion of the contract.

A. The buyer typically gains possession and the right to occupy the property immediately upon signing the contract.

C. The seller retains legal title as security; the buyer only receives legal title after fulfilling the contract, not immediately.

D. The contract is for the purchase of the entire real property, which includes the land and any improvements, such as a house.

1. North Carolina Real Estate Commission. (2023). North Carolina Real Estate Manual. Chapter 10, Financing Real Estate, p. 328. "Under an installment land contract... The buyer (vendee) has an equitable interest in the property (equitable title) and is entitled to possession of the property... The seller (vendor) retains legal title to the property during the contract term as security."

2. Bluestein, F. S. (2010). Contracts for Deed in North Carolina. UNC School of Government, Community and Economic Development Bulletin No. 1. p. 1. "Under a contract for deed, the seller retains legal title to the property until the buyer has paid the entire purchase price. The seller delivers the deed to the buyer only after the final payment has been made. The buyer has the right of possession and is said to have 'equitable title' to the property."

3. Webster, J. A., Jr., & Brough, P. (2011). Webster's Real Estate Law in North Carolina (6th ed.). LexisNexis. § 14.03[1]. This treatise explains that in an installment land contract, the vendee (buyer) is considered the equitable owner of the land, while the vendor (seller) holds the legal title in trust for the vendee as security for the purchase money.