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return. The agreement created an equitable interest in * * *
[the buyer] and a security interest in * * * [the seller].” Id.
at 8.
The Court of Appeals of Georgia subsequently relied on
Chilivis v. Tumlin Woods Realty Associates, Inc., supra, in
interpreting a similar agreement in Tucker Fed. Sav. & Loan
Association v. Alford, 311 S.E.2d 229 (Ga. Ct. App. 1983). The
appellate case likewise involved a land sale contract under which
the seller agreed to deliver a warranty deed upon full payment
(or the assumption by the buyers of two outstanding mortgages on
the property). See id. at 230. Again the instrument recited
that no title passed upon execution of the agreement, but the
buyers took possession and control of the premises. See id. The
court first opined that “The transaction clearly granted * * *
[the buyers] all the benefits and responsibilities of ownership.”
Id. On that basis, the conclusion ultimately reached was that
“The contract of sale, of course, did not vest legal title in * *
* [the buyers], but it did give them an equitable interest and
rights of ownership.” Id. at 231.
Given the foregoing, we conclude that Georgia courts would
similarly construe the contracts for deed at issue here to pass
equitable ownership to the purchasers and to leave GIA
essentially with a security interest. In addition, we note that
certain statements made by petitioners on brief are not
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