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When you purchase a machinegun, you own it from the day you bought it.
Absolutely false. It isn't your gun until the 4473 has been properly executed and the transfer is completed. You don't own anything until it is out of my log book.
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That's not how it was explained to me when I purchased my AC556 from a Class III dealer. I'm not saying that you are wrong on this, just that it was made very clear to me that I legally owned the gun the minute I paid for it, but that I had no right to take possession of it or even shoot it until the transfer was completed. My understanding is that the NFA transfer laws are based on possession (which normally goes along with ownership) but not necessarily legal ownership.
Otherwise, I would think it would be fairly easy for the buyer to demand his money back if the transfer didn't go through. If you pay for something and receive nothing in exchange for your payment, I think the law will generally support your right to demand your money back, less a reasonable amount to cover the seller's costs and compensate him for the time the gun was off the market.
Based on what you are saying, if someone paid full price up front for a machinegun, and the transfer didn't go through for whatever reason, the seller could opt to keep 100% of the buyer's money and simply sell the gun to someone else. I could be wrong, but I don't think this is correct.
The way it was explained to me, if the transfer couldn't take place for whatever reason, the gun is mine to sell, but it must remain with the Class III dealer and be transfered by the Class III dealer directly to a 3rd party if/when that person gets approved.