In many sales of realty the purchaser does not wish to pay the full price in cash. Under such circumstances it is stipulated in the contract between the parties that the purchaser give back to the seller his bond and a mortgage on the property to secure part of the price. This is known as a purchase money mortgage. Such a mortgage becomes a lien contemporaneous with the passing of title. It is prior to any lien against the purchaser. Even if he be married it is a lien ahead of his wife's right of dower. Consequently the wife need not join in a purchase money mortgage. In order that there be no doubt of its status, it is customary to insert in the mortgage, following the description, what is known as a "purchase money clause" reading substantially as follows:
This mortgage being a purchase money mortgage given and intended to be recorded simultaneously with a deed this day executed and delivered by the mortgagee to the mortgagor, this mortgage being given to secure a portion of the purchase price in said deed expressed.