Next upon the form appear the words "the price is......." These open the financial statement. Here is set forth all the provisions with respect to amount and terms of payment, of the purchase price. Following the opening words the total price to be paid should be inserted. This total or gross price is divided into

1. Deposit on contract.

2. Cash on closing.

3. Existing mortgages.

4. Purchase money mortgage.

It is not necessary that every contract contain all four divisions of the total price. There is nearly always provision for a deposit on signing the contract and for cash on the closing. Sometimes no agreement for a purchase money mortgage is made, it being agreed that the purchaser shall pay all cash over the existing encumbrances. Or it may be that there is no encumbrance on the property, and the purchaser is to pay all cash, in which event only the first two divisions would be present.