1. It is usual to state clearly when payments are to be made.
3. Restrictions are often imposed as to maintaining present buildings thereon and as to the uses to which they may be put.
4. All buildings are usually kept in repair by the purchaser.
5. The purchaser is usually required to maintain insurance in favor of the vendor, for an amount mentioned in the agreement.
6. The purchaser is prohibited from assigning the contract without the written consent of the vendor.
7. The purchaser agrees not to allow any encumbrance or liens to be placed against the property.
8. It is generally stated that failure to make any required payment when due, subjects the entire agreement to cancellation, either immediately, or after a specified time, such as thirty, sixty, or ninety days.
9. The vendor usually has the right to pay any assessments, etc., which may be overdue, and to charge them to the purchaser or to use them as grounds for cancelling the contract.
10. In event of any legal proceedings being necessary, the agreement is chargeable with all the expenses connected therewith, including court costs, attorney's fees, and, where required, an abstract of title.
11. All payments on account of the contract must be made to the vendor or to some party who is the authorized representative of the vendor.
12. The official address of the purchaser is usually given, and a provision inserted that notice mailed by the vendor to him at that address shall be considered a proper notice of any delinquencies, etc.
13. It is provided that no delay on the part of the vendor in exercising any of his technical rights under the agreement shall be construed to be a waiver of any of his rights thereunder.
14. The agreement is usually executed in duplicate by both parties, each retaining one copy.
In examining such contracts, it is the duty of the accountant to see that the description of the property is correct and in conformity with that shown on the books of account, and that all particulars are properly entered in the contracts ledger.