Agreement or Contract for Deed for Sale and Purchase of Real Estate a/k/a Land or Executory Contract
Alabama Statutes
TITLE 35. PROPERTY.
CHAPTER 4. CONVEYANCES AND CREATION OF ESTATES.
ARTICLE 3. RECORDATION AND REGISTRATION IN GENERAL.
Division 1. General Provisions.
35-4-53. Bonds for title, etc.
Every bond for title or other written contract for the sale of land, acknowledged or witnessed as required by law, as well as any purchase money note, may be recorded in a similar manner as provided for the conveyances of lands and shall be notice to all subsequent purchasers, lienors, and creditors of the existence of such bond, contract, or note and of the rights of the parties thereto.
(Code 1923, 6854; Code 1940, T. 47, 96.)
TITLE 35. PROPERTY.
CHAPTER 10. MORTGAGES.
ARTICLE 1. POWERS CONTAINED IN MORTGAGES.
35-10-1. Power of sale constitutes part of security; by whom executed; effect of conveyance; index of foreclosure deeds.
Where a power to sell lands is given to the grantee in any mortgage, or other conveyance intended to secure the payment of money, the power is part of the security, and may be executed by any person, or the personal representative of any person who, by assignment or otherwise, becomes entitled to the money thus secured; and a conveyance of the lands sold under such power of sale to the purchaser at the sale, executed by the mortgagee, any assignee or other person entitled to the money thus secured, his agent or attorney, or the auctioneer making the sale, vests the legal title thereto in such purchaser. Probate judges shall index foreclosure deeds by the names of the original grantor and grantee in the mortgage, and also by the names of the grantor and grantee in the foreclosure deeds.
(Code 1852, 1319; Code 1967, 1589; Code 1876, 2198; Code 1886, 1844; Code 1896, 1040; Code 1907, 4896; Code 1923, 9010; Code 1940, T. 47, 164.)
Alabama Case Law
Alabama courts have ruled by enforcing land installment contracts with foreclosure clauses which make time of the essence. Gay v. Tompkins, 385 So.2d 973 (Ala. 1980); Hicks v. Dunn, 622 So.2d 914 (Ala. 1993).
Alabama courts stated forfeiture provisions are not favored but will be upheld when the lessee-vendee has actual or constructive notice that strict compliance w/ the terms is necessary. Hamner v. Rock Mountain Lake, Inc. 451 So.2d 249 (Ala. 1984).
Secondary Sources
ALABAMA LAW REVIEW, Commentary: The bond for title: A modern look at Alabama's land installment contract. 46 Ala. L. Rev. 137 (1994).