James W. and Laura L. Keith - Page 14




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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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