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completion of the terms and provisions of this
Agreement * * * , that this is not a loan secured by
the Property and that no title in and to the Property
has passed to Buyer or will pass to Buyer until Buyer
fulfills and complies with each and every term and
provision hereof.” [Id.]
The buyer was given immediate possession of the property and was
responsible for taxes, maintenance, and insurance thereon. See
id. Upon a default by the buyer, the seller’s remedy was either
to rescind the transaction or to exercise a power of sale over
the property. See id. The buyer would not be liable for any
deficiency in the event of such a sale. See id.
Faced with these facts, the court decided that the
“Agreement for Deed” was “for all practical purposes no different
from a bond for title”, an instrument formerly used in Georgia
real estate law in connection with sales of land. Id. at 7-8.
The court further noted that prior case law had said of a bond
for title:
“In the sale of land on credit where the vendor retains
title, he has not the absolute estate, but is a trustee
holding the title only as security. For many purposes
the transaction may be treated in equity as though the
vendor had made a deed to the vendee and the latter had
thereupon given a common-law mortgage to secure the
purchase-money.” [Id. (quoting Lytle v. Scottish Am.
Mortgage Co., 50 S.E. 402, 406 (Ga. 1905)).]
Accordingly, the court then concluded with respect to the
instrument before it as follows: “In practicality, it is no
different than if * * * [the seller] had delivered a warranty
deed to * * * [the buyer] and accepted a deed to secure debt in
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