Time sales may be divided into the following classes:

1. Sales where the vendor conveys title, a part of the purchase money being secured by a mortgage made by the purchaser to the vendor.

2. Transactions in which the vendor agrees to convey title to the purchaser upon certain stipulated conditions being fulfilled. The forms for such agreements are numberless, but for the sake of brevity they will all be classed here under the term contracts.

3. The purchase of an option on real estate.

4. The placing of deeds, etc., in escrow, to be delivered when certain specified conditions have been complied with.