Schiff v. Bookmar Construction Co.

The plaintiff contracted with the defendant for the purchase of land under an agreement that it was to be conveyed subject to a first mortgage becoming due May 22, 1927. There was no mortgage in existence at the time that the contract was signed, and this provision applied to the mortgage to be placed on the property intermediate between the signing of the contract and the closing of title. At the time of closing the title a mortgage for the specified amount had been placed upon the property. The purchaser was unwilling to accept the title because of the inclusion in this mortgage of certain…