Mecham v. Nelson

SHEPARD, Justice.

This action arises from a contract for the sale of the Jerome County ranch of the respondents Mecham, hereinafter called sellers, to appellants Roscoe Nelsons, hereinafter called buyers. A purchase and sale contract together with contemporaneous escrow instructions were executed by sellers and buyers on May 6, 1964. The total purchase price was recited as $80,000, pay able $6,000 down, and the balance of $74,-000 payable as follows:

“As soon as they are reasonably able to do so, the sellers will obtain a maximum loan secured by a mortgage on the above described real property…