Final answer:
Upon signing a contract for a deed, the buyer gains equitable title to the property, holding the right to use and enjoy the property while continuing to make payments until full ownership is transferred.
Step-by-step explanation:
Once a contract for a deed is signed by the parties, the buyer immediately receives equitable title to the property. This means that while the legal title remains with the seller until the full purchase price is paid, the buyer gains the right to use and enjoy the property during the term of the contract. After the buyer fulfills all the terms of the contract, including making all the necessary payments, the seller is then obliged to transfer the legal title to the buyer. It's important to note that the specific rights the buyer receives immediately upon signing can vary based on local laws and the terms of the contract itself.