What does the vendee acquire during the contract for deed period?

During the contract for deed period, the vendee acquires equitable title. This means that the vendee has a beneficial interest in the property, allowing them to enjoy certain rights and benefits associated with ownership, even though they do not hold legal title until the contract terms are fully satisfied.

Equitable title provides the vendee with the right to occupy and use the property, as well as the right to improvements made to it, but it does not convey full ownership until the final payment is made and legal title is transferred by the vendor. This distinction is important, as it illustrates how the vendee has rights to the property but still needs to fulfill the obligations outlined in the contract to secure legal ownership eventually.