Bond for title in absence of security deed; recording and tax.

Any seller of real estate who retains title to the real estate as security for the purchase price and who does not convey title to the purchaser or take back a deed to secure debt shall execute and deliver to the purchaser a bond for title which shall correctly set forth the unpaid portion of the purchase price and the maturity of the indebtedness. If any part of the purchase price falls due more than three years from the date of the instrument, the seller shall have the instrument recorded before delivery of the bond for title in the county where the land is located and shall pay the tax required by this article for the recording of the instrument. History. Ga. L. 1953, Nov.-Dec. Sess., p. 379, § 7; Code 1933, § 91A-3205, enacted by Ga. L. 1978, p. 309, § 2; Ga. L. 1990, p. 1843, § 4. JUDICIAL DECISIONS Impact of bankruptcy. — With respect to a mobile home the debtor purchased through an installment note, because the transaction was akin to a bond for title under Georgia law, giving the debtor possessory interest and equitable interest in the property, and the debtor’s interests were not foreclosed by legal proceeding prepetition, those interests became part of the bankruptcy estate subject to an automatic stay. In re Guyton, 518 Bankr. 681, 2014 Bankr. LEXIS 4129 (Bankr. S.D. Ga. 2014). RESEARCH REFERENCES C.J.S. 26A C.J.S., Deeds, §§ 7, 161.