Final answer:
In an executory purchase contract, the buyer's interest grants a future right to full ownership upon meeting the contractual conditions. This equitable interest allows for certain rights, such as entering into contracts, but is not full ownership until all terms are satisfied.
Step-by-step explanation:
In an executory purchase contract, the buyer's interest is described as an interest in which the buyer has a future right to obtain full ownership of a property upon fulfillment of certain contractual conditions. Until these conditions are met, such as the payment of the purchase price, the buyer's interest is often referred to as an equitable interest. This interest implies that the buyer, although not yet the outright owner of the property, has the right to eventually become the owner. This property includes the right to enter into contracts with other parties with your property, which is a fundamental aspect of property rights. However, it's key to note that, until the contract is fully executed and all conditions are met, the rights of the buyer are conditional and subject to the terms of the purchase agreement.