Posted by JoeKaiser on April 30, 2001 at 23:01:44:
Paul,
Since 1983 (as I recall), land contacts in Washington State (known as “real estate contracts”) convey equitable title. Lenders will even make you a loan (deeds of trusts behind real estate contracts wasn’t possible prior to that) on property where you hold a buyer’s interest in a real estate contract.
Your seller will receive a “fullfillment deed” which is equal to a “satisfaction of mortgage” or a deed of trust “reconveyance.” It is not a double close at all.
Joe