James W. and Laura L. Keith - Page 13




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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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