The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-01-28
LAWSON I ELS
Of LAND LAWS

Real estate contracts and settle
enents was discussed by Alfred Il.
lawson, of the washington Loan
and Trust Company. before the
regular r. M. C. A. class in real
estate this week.
In his lecture Mr.. Lawson de-
clared that when one has decided
to purchase a house, lot or other
real estate the question arises, what
shall he do to protect himself IN
making his written contract. Ii
you are real estate brolser," he
said "or one engaged in the selling
OF real estate, you should be quail
fled to prepare a contract which
will protect the interests Of all
parties to the transaction.
You know, of course. to be bind
ing, contract for the purchase OF
sale OF real estate must, under the.
Statue of Frauds be in writing. and
pigned BY all the parties to be
bound thereby. 1t may be stated
generally that the contract must
state expressly the subject OF sale.
that Is the property to be sold. the
terms, and the parties, with such
certainty as to furnish evidence OF
ID complete agreement.
= Let Ms consider the parties to a
contract, who as a general rule,
are the seller. purchaser and some
times the real estate broker. A con-
tract should never be entered into
with an infant. that Is. q person
under the age of twenty-one years,
rs the courts have always permitted
infants to rescind their contracts at
any time before reaching their
ma jority. even though there is a
loss to the other parties to the con
tract. The property belonging 10
m infant must not be sold without
d guardian being appointed for that
purpose by the court, and an order
OF the court that the property
should be sold for the benefit Of the
infant.
1t is always advisable, wherever
possible, to make the contract with
the person or persons who are going
to take title to the property. so that
no question can arise regarding the
assignment of the contract, as the
eellar would. of course, have a right
to refuse to consent to the assign
1nent OF any contract.
The subject. of q sale in real
estate contract is the property to be
sold, and we must consider the de-
scription to be inserted in the con
tract. This cannot be too clear or
too accurate. This part of the con-
tract is very apt to be sighted.
usually because the printed blanks in
general use do not leave space
enough to write all which should be
written. II it is only lot to be de-
scribed. It needs little space. but, on
the other hand, II It is part Of lot.
parcel, or tract Of land with many
courses and various rights OF way or
easements. 1t will require consider
able space. 1t is not essential that
the description of the property
should have such particular identifi-
cation as to render it entirely need
less to call in outside evidence, to
determine what property was con-
tracted to be sold. but the terms
must be sufficient to ascertain it
that with the assistance of outside
evidence the description cannot be
Disputed.
The next part OF the contract liz
the part which states the price of the
property and the terms. or how this
price is to be paid. This part of the
contract is most important and very
IL the cause of considerable loss and
expense. The price as a general
rule, is correctly stated but just how
that amount is to be paid or ar
ranged. very frequently is not set
forth 50 that both parties understand
1t. A contract will very often state
the purchaser is to assume a trust
when it is meant the purchaser will
execute a trust or it will state the
purchaser Is to give trust for de-
ferred purchase money when the
seller intended the purchaser should
procure a loan from q bank. trust
company, or building association.
Let me explain to you" Mr..
Lawson said to the class. f'the diff
ference between acquiring property
subject to a understanding q
trust-executing a trust. When
property is conveyed subject to a
trust. 1t means the purchaser has
no personal responsibility as to the
payment of the trust beyond the
property pledged for the security
Of the payment Of the debt. Where
q purchaser assumes q trust he
not only gives the property as
aecurity. but also his personal re.
sponsfbility. and in event the pron.
erty was foreclosed and did not
bring a sufficient amount to paw
the debt in full. he would be re.
sponslDle for any deficit existing.
When a contract provides a mr..
CHASER Is to execute a trust #
means he is to execute a trust in
the form customarily used in this
District which provides he should
convey the property to trustees in