During the period starting with the buyer and seller signing the contract and the seller delivering the deed, the buyer is said to hold equitable title to the property and the seller is said to hold bare or naked title, i.e. title in name only without full ownership rights.  In some states, the lender may also hold bare or naked title until the loan is paid off. 

Bare or naked title to the property means that the title lacks the usual right and privileges of ownership.  A trustee in a deed of trust securing instrument may hold the title to a secured property, but only such title (or rights) as is needed to carryout the terms of the lien document.