Contract for Deed – General – Georgia
Related Georgia Legal Forms
TITLE 44 PROPERTY
CHAPTER 5 ACQUISITION AND LOSS OF PROPERTY
ARTICLE 2 CONVEYANCES
44-5-32. Requisites of instruments other than deeds.
Every bond for title, bond to reconvey realty, contract to sell or to convey realty or any interest therein and every transfer or assignment of any of such instruments shall, except as between the parties thereto, be executed with the same formality as is required for the execution of deeds conveying realty.
HISTORY: Ga. L. 1921, p. 157, § 1; Code 1933, § 29-114.
Georgia Case Law
Chilivis v. Tumlin Woods Realty, (Ga. Sup. Ct. 1982) ruled a bond for title creates an equitable interest in the buyer and a security interest in the seller of land. The Court quotes Florida case and statutory law showing that in Florida a contract for deed is viewed a mortgage.
Gross v. Finger; forfeiture generally not favored; Courts of equity will try to place the rescinding parties to a bond for title as near as possible to the position they were in prior to the contract.