At this stage, the purchaser will enjoy an equitable interest in the land subject to the sale

By default, the current standard conditions for sale place the insurable risk on the seller, on the basis of their continued proprietorship until completion of the transfer

The buyer can seek the remedy of specific performance if the seller refuses to undertake their obligations under the contract and the seller is entitled to retain the buyer’s deposit and pursue costs if the buyer refuses to undertake their obligations under the contract

The seller holds the property on trust for the purchaser and, as such, retains a responsibility not to damage the property or prejudice the interest of the buyer