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In the case at bar, we observe that the contracts for deed
gave the buyers possession of the property during the agreement
term (evidenced by the mandate to use the property as a
residence). The contracts also required purchasers to pay
property taxes from the date of execution, to keep fire insurance
in force during the payment term, to perform maintenance and
prevent deterioration, and to assume all liabilities as if they
held fee simple title. Moreover, the instruments allowed buyers
to accelerate the agreement and “prematurely obtain a warranty
deed” by tendering the full amount owing under the related
promissory note. Therefore, given these significant
accoutrements of ownership, we turn to whether Georgia courts
would construe an instrument so designating rights and
obligations as a transfer of equitable ownership to the buyer.
In Chilivis v. Tumlin Woods Realty Associates, Inc., 297
S.E.2d 4 (Ga. 1982), the Supreme Court of Georgia interpreted a
contract analogous to those at issue here. In that case, an
“Agreement for Deed” was executed by the parties. Id. at 5-6.
According to its terms, a deed was placed in escrow to be
delivered to the buyer upon completion of all payments called for
in the accompanying promissory note. See id. at 6. The
instrument specifically recited:
“Seller and Buyer acknowledge and agree that this
Agreement is not a mortgage or security deed to secure
a loan made to Buyer by Seller, that this is an
agreement to convey the Property to Buyer upon the
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