Sharp County record., 1885-04-23
FARM LAW.
How to Buy a Farm-A CONFEDERATION
Necessary.

Tn a series of articles on farm law, the
first topic that naturally suggests itself,
in the legal points to be taken into ac-
count is 'How to Buy Farm" Even
if one is able to pay cash down in full
without any resort to borrowing, mort
gaging, etc., the purchasing of farm
is not so simple matter as one might
suppose. After selecting a particular,
desirable farm, and negotiating for it,
at as low a price as possible, one must
be careful not to lose the advantage OF
his bargain. Amere verbal offer to buy
or sell for particular price has no
binding effect in law. If Mr.. A. says to
Mr.. B., 'I will sell you my farm for
$1,000" and B. replies, ,,"Tll take it,"
prudence will dictate that he have the
offer and acceptance at once put in
writing and signed. Otherwise, when
he goes to purchase it on the morrow,
with the $1,000 in hand, A. may say:
"Oh, that was only an oral agreement;
will not give q deed to-day for a cent
less than $1,000" While B. may be
greatly disappointed because MIR. a:
has not kept his word, the law will
afford no remedy. On the other hand,
if B. tells A. that he does not want his
farm, or will give only $500 for it now,
A. will be unable to hold B. to his oral
bargain.
A. may make a written statement to
the effect that he will sell B. his farm
for s., 900, and give him ten days in
which to say whether he will accept it
or not Such a document would be,
what the lawyers call, "nudum pac-
tum," promise without a considera-
ton. B. has paid no money, made no
promise, and the courts would give him
no relief if Mr.. A. should, in the mean
time, sell the property to some one
else, even on the same day ne gave B.
the so-called REFUSAL In order to
make Mr.. A. offer binding upon him,
B. must accept in writing, and without
anv variation from the terms of the Of
fer 1t is not enough that B. has made
up his mind to accept some time be-
fore the expiration of the ten days men
toned in the refusal" for until A. has
BIS actual written acceptance, he can
make any other disposition of the prop
ertv that he cares to. Even if B. has
been to expense in buying machinery
and stock for the farm which he has
concluded to buy before the ten days
are past, he may find himself unable to
get possession. A Court of Equity
might possibly grant some relief in such
case, but the expense of resort to the
courts would probably more than offset
any advantage to be gained.
If negotiations for the purchase OF
the farm are carried on by letter, there
is a peculiar legal feature worthy of
mention. If definite offer to buy or
sell, for given amount, is made by
! letter without any conditions that. re-
uuire something to be done TO complete
the bargain, the acceptance is perfect
when the party to whom the offer Is
made puts letter containing his un-
conditional acceptance into the post
office The letter may miscarry, and
the party to whom it is addressed never
receive it, but the judicial decisions hold
the bargain binding, and it will be en-
forced on proper showing of evidence,
Such are some of the uncertainties
that beset bargains for the purchase OF
farm. If the word of every man was
"as good as his bond" and if the par
ties at both ends of bargain looked at
things from the same standpoint, all
the preliminaries to the execution of the
title-deed might be allowed to depend
upon word of mouth, and the general
understanding of the parties. I'm
fortunately, however, there are many
men who do not scruple to stoop
to ''sharp practice" and the safer
course when a bargain for land is
struck is, for the parties to at once
enter into a written contract for sale
and purchase or "Articles of Agree
ment.h This contract should sufficient
ly describe the parties and the land, and
fully identify both, and state the con-
sideration upon which the bargain IS
made and include every essential tea-
ture of the agreement After such con-
tract has been signed, witnessed (wit-
Messing is not necessary in Illinois, but
it may be done for greater certainty,
sealed and delivered, both parties have
something upon which they can depend,
and from which neither can get away.
Following the penny wise and pound
foolish" plan, the buyer and seller may
be able to draw for themselves bind
ing agreement; but where the amount
of money involved is at all large, it will
be the part of wisdom to call in the SER
vices of reputable attorney-at-law, or
conveyancer. Another way of cllnch-
| inn q hnrnain for real estate is hY the