Owner carry- When does title transfer?

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I'm looking at a potential owner carry purchase- With this type of lending agreement, when does the title transfer? Does it transfer at the beginning on the closing day when documents are signed, or does the seller continue to hold title until they receive a balloon payment/ are paid in full?

The buyer signs a promissory note and a mortgage/deed of trust. The seller would sign a deed transferring title to you at the date the agreement is executed and monies are exchanged. They are essentially first position in the property if you cannot make the agreed upon payments and can foreclose upon you if you do not uphold your part of the contract.