A real estate financing device that does NOT transfer legal title but does place equitable title with the buyer is called an:

The correct answer identifies a financing device commonly used in Arizona real estate transactions known as an "agreement to sale." This instrument allows the buyer to gain equitable title to the property, which means they have rights to the property and can benefit from it, even though the seller retains the legal title until the contract conditions are satisfied, such as in full payment or completion of certain performance obligations.

By using an agreement to sale, the buyer can begin to take possession and benefits associated with the property while the legal title remains with the seller, thus providing a layer of security for the seller while also giving buyers the ability to manage the property as if they are owners. This arrangement is particularly advantageous in situations where financing may be difficult to secure, allowing for a smoother transaction process.

While a "contract to purchase" is also a valid means of financing, it often implies a direct course toward closing with more emphasis on conveying title rather than deferring it. Similarly, an "agreement to sell" might suggest a different arrangement that is not as commonly referred to in Arizona real estate, which can create some confusion. Therefore, the most accurate choice in the context of Arizona real estate law regarding equitable versus legal title is the agreement to sale.