Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1929-02-10

TIES 10 nv LA1n58[hA0n may 8tbE1lph
to withdraw from the agreement
much TO the detriment Of the other
party.
at Frequently REQUIRES from sixty
TO seventy-five days to ascertain de-
fects Of title in a piece of real es-
tate and have them removed dur
ing which period IL there is no
bind contract setting forth the
agreement the purchaser and seller
may get SO hopelessly apart that the
sale or exchange may never be made.
The agreement should be signed by
both the seller and purchaser. III
the seller is married the spouse
should be made a party to and sign
the contract: this Is not always pos
sible but Is the safe way of bind
ing the dover interest.
Neither party to a contract
should be permitted to sign an in
complete contract. The details aft
erwards filled in may be i~nsignifi-
cant, something the propriety OF
which no one could question; for
example, completing the description
or identifying a deed or mortgage.
But the very fact that any change at
all is made leaves the door open for
a like question to be raised rs to
all the provisions OF the contract.
Once IL Is proven thst anv change
at all has been made, however
slight. the whole contract is then
in question and depends on the bare
word of those present when IL was
signed as to what the contract con-
tanned. The parties to n contract
must set forth with the same pre-
cision rs Is required in deeds. III
the purchasers are to take as joint
tenants Of as tenants In common
that fact should be set forth imme-
diately following the names Of the
purchasers.
IF an heir contracts 10 sell an
estate which he expects to inherit,
the purchaser may enforce his
rights against the seller when he
acquires the title.
Be Sure Of Title to Street
"The seller should see that the
description of the property includes
all the right or title the purchaser
may have In the street. IL the street
Is ever abandoned then the title
thereto Will be in the purchaser.
The principal value of such a right,
however. is that il the municipality
ever takes title to the street, the
then owner of the property would
be entitled to the compensation Civ
en- the owner for the property taken
in this way.
"To avoid any difficulty as TO
whether a ranges, r~efrigerators of
other fixtures or apparatus are a
part Of the building, it is well to list
such articles at the end Of the de-
scription OF the real estate, although
there Is a statement in the body Of
the contract stating that all per-
sonal proerty appurtenant to the
premises Is included in the sale, or
else to specifically list the excepted
articles. Many articles which are
generally considered a part of the
building are not so considered legal
ly and to prevent disputes and liti-
gatin, il is we'll to have a provision
in the contract which states that
all personal property used in the
operation Of the premises is owned
BY the seller and is included in the
SALE
"A purchaser acquires no right 10
the growing crops which are ma
tured and harvested prior to the
time possession is given.
"The details Of an outstanding
mortgage or trust deed need not be
stated in the contract Of sale, for,
the mortgage being Of record, the
purchaser is charged with knowledge
Of its provisions. The purchaser
may, however, and should require
that the details of the mortgage be
inserted. and il the mortgage has
been reduced, with a reasonable
statement of the amount then due,
as this relieves the purchaser OF
doubt or speculation as to the terms
Of the mortgage.
Sometimes a substantial part of
the purchase price of property is
paid by the purchaser giving back to
the seller a mortgage for an agreed
amount. Such n mortgage is called
a purchase money mortgage. It's de-
tails should always be stated in the
contract of sale. IL they are not,
embarrassing situations may arise.
IF a purchase money mortgage is
70 be given a. part payment, the
following details should be stated in
the contract:
i. Principal amount
2. Maturity OF the mortgage.
8. Rate of interest.
4. When payable.
5. The particular clauses, IL any,
or that,
6. The mortgage is to contain the
usual clauses
The contract should also specify
who is to pay for drawing the mort
gage, who bears the cost Of record
ing it. AMI who Is to pay the mort
gage tax, IL any.
when a purchaser pays part
cash, takes subject 70 or assumes
a mortgage and gives a purchase
money mortgage. the seller has in
fact n second mortgage. The pur-
chase money mortgage, although a
second mortgage lien when made,
may ascend 10 the positin Of a first
mortgage il the existing first mort
gage at q prior date. The result
would be that the purchaser or any
subsequent owner Of the property
could not obtain q new mortgage
which would be prior in lien to the
purchase money mortgage unless the
then holder Of the purchase money
mortgage voluntarily or for n con
waived priority.
ITO avoid this situation il Is quite
common in agreeing for a purchase
mortgage 10 provide that 1t
shall remain q second mortgage lien.
"The contract usually provides for
an adjustment, or apportionment be-
seller and buyer having re-
gard for the year. that is prorsts,
OF rents. insurance premiums, &C
$3.50 -n~+na-n tnAnrnxA Anrnn ard