Peterson v. LaMay

In Kallenbach v. Lake Publications, Inc. (1966), 30 Wis. 2d 647, 142 N. W. 2d 212, the incidents and characteristics of a land contract were discussed. The vendor of a land contract retains legal title to the property to secure the balance due on the purchase price. Upon default, one of his options is the affirmation of the contract in a suit for specific performance. As a part of this remedy, the lands may be sold and the vendor can satisfy his right to the contract price out of the proceeds of the sale. Because of his contractual agreement with the vendor to pay the price, a purchaser is…