Final answer:
The purchaser has equitable title and the right to enter into contracts related to the property, such as service contracts, which are often included in the sale of houses.
Step-by-step explanation:
When a purchaser and seller have a valid contract for the sale of real property, the purchaser has equitable title to the property. This means that the purchaser holds an interest in the property that affords them certain rights prior to formal legal title being transferred. During this stage, the purchaser's rights include the ability to enter into contracts concerning the property, which is based on their property rights. For instance, the purchaser may enter into a service contract that often comes with the sale of large assets like houses and includes agreements for the seller to fix any issues for a set time period. Moreover, sellers may offer warranties and service contracts to secure the transaction and ensure the interest of both parties are protected. However, full ownership and associated rights only transfer upon the completion of the transaction and the fulfillment of all contractual obligations.