Final answer:
Quentin, as the seller in a contract for deed in Texas, holds full ownership rights while the buyer has equitable title rights. The seller retains the legal title and can reclaim the property in case of default. Full ownership rights are not transferred to the buyer until full payment is made.
Step-by-step explanation:
Quentin, as the seller in a Texas contract for deed agreement, retains full ownership rights during the contract for deed process. In this type of agreement, the buyer obtains equitable title rights, allowing them to use and occupy the property, while the seller holds the legal title until the full purchase price is paid.
Contract for deed agreements, also known as land contracts, enable buyers to purchase a property through installment payments. In Texas, such contracts are governed by specific statutes that outline the duties and obligations of both sellers and buyers. Throughout the duration of the contract, the seller's ownership rights include the right to retain the legal title and to reclaim the property if the buyer defaults on their payments, following the proper legal procedures.
This property arrangement gives the seller a security interest in the property, serving as collateral for the payment of the debt owed under the contract. Therefore, Quentin's rights are not relinquished until the contract is complete and he has received the full amount agreed upon for the sale of the property.