It is probably true that cash sales - the simple exchange of real estate for currency - form a very small proportion of the vast number of transfers of real estate which take place annually in the United States.

This being so, the sales for some consideration other than currency constitute the great bulk of the realty sales of the country and are of sufficient importance to require special consideration. Such transactions are variously named, as sales on the instalment plan, sales on deferred payments, etc., etc. For the sake of simplicity, it is proposed to consider them under the generic title of "Time Sales." It may be that this expression cannot be found in the dictionaries, but it is commonly used by those dealing in real estate, and is descriptive and appropriate. In this book, therefore, the expression "Time Sales" is used to include all those transactions in which time is allowed to complete the payment of the consideration.