I am often asked about the ownership transfer that takes place under a contract for deed, uniform real estate contract (a Utah document) or other similar financing. To help explain the matter, I include in this post the following statement that is taken verbatim from the Thomas and Backman on Utah Real Property Law compendium of Utah real estate law published by Lexis Law publishing:

According to the doctrine of equitable conversion, if parties enter into a specifically enforceable contract for the sale of land, the buyer is treated in equity as the holder of the real property interest from the date of the contract, and the seller has a personal property claim for the purchase price. In Utah, this is so even though the seller still holds legal title to the land. § 13.04(c). at page 592.