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Free Books / Real Estate / American Law Of Real Estate Agency / | ![]() |
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Sec. 1087. Instrument Held To Be A Contract Of Sale And Not In Itself A Sale |
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This section is from the book "American Law Of Real Estate Agency", by William Slee Walker. Also available from Amazon: American law of real estate agency.
Where S. & N. make a contract about the conveyance of a farm by S. to N. who pays a certain sum in cash, and agrees to pay a further sum at a future time, and execute a mortgage for the balance of the purchase price, at which time S. agrees to make a deed to the farm, giving possession of the same; and at the same time it is further agreed that if N. fails to pay the further sum of money and to execute the mortgage, then the money paid shall be forfeited to S; Held, that such an instrument is a contract of sale, and not a sale itself. Stewart v. Fowler, 37 Kan. 677, 15 P. 918.
 
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