Final answer:
In an agreement of sale, the purchaser of the property receives legal title to property once all the terms and conditions of the agreement are fulfilled, typically at the time of closing.
Step-by-step explanation:
In an agreement of sale, the purchaser of the property does not immediately receive legal title to the property. Instead, the purchaser receives equitable title, which means they have the right to possess and use the property. Legal title is transferred to the purchaser once all the terms and conditions of the agreement of sale are fulfilled, typically at the time of closing.
For example, let's say a buyer and seller enter into an agreement of sale for a house. The buyer pays a deposit and takes possession of the house. However, the legal title to the house remains with the seller until the buyer fulfills all the obligations in the agreement, such as securing financing and paying the balance of the purchase price.
Once these obligations are met, the legal title is transferred to the buyer, and they become the legal owner of the property.