What is the doctrine of equitable conversion primarily concerned with?

The doctrine of equitable conversion is primarily concerned with the rights of the purchaser during contract performance. Under this doctrine, once a valid contract for the sale of land is executed, the buyer is treated as the equitable owner of the property, while the seller retains legal title. This means that the buyer's interests in the property are protected even before the actual transfer of legal title occurs. In circumstances like property damage or changes in market conditions, the buyer's rights and interests are considered paramount, reflecting the notion that the seller should not detract from the buyer's equitable ownership.

In essence, the doctrine recognizes the buyer's position in the transaction and affirms that they are entitled to the benefits associated with ownership, despite not having formal title. This principle ensures that the buyer's rights remain effective throughout the period leading up to closing. Understanding this doctrine is crucial as it impacts various aspects of real estate transactions, especially in terms of rights, risks, and responsibilities of parties involved during the contract phase.