Legal Question in Real Estate Law in Georgia

A buyer is going to place money down and pay the seller a monthly fee for several years.

Should the deed be given to buyer and stated that if default or late on payments, the deed will go back to the seller?

or

Should the deed remain in the seller's name until all funds are paid?

What is the name of this type of document?

Thanks


Asked on 3/28/18, 8:14 am

1 Answer from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Neither. This is far from a pro se project. There needs to be a sales contract, a proper closing with tax prorations, a title search and title insurance, a warranty deed, a promissory note, a deed to secure debt, a pt61, a transfer tax paid, an intangible tax paid, a Hudson closing statement, a termite letter, a radon disclosure, certain other forms, etc. You'll have somewhere between 20 and 100plus pages, with several being recorded. This requires a lawyer and the down payment, closing costs, taxes, and filing fees must go through a lawyers escrow account.

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Answered on 4/01/18, 10:19 am


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