Echo, Inc. v. Stafford

John E. Jennings, Judge.

Gaston Lanata and his wife owned a home in Malvern, Arkansas. On March 29, 1982, the Lanatas signed an offer and acceptance agreeing to sell the property to Tommy Stafford and his wife, Demetria. The contract provided that the Lanatas would receive the Staffords’ home in trade, valued at $70,000.00, and the Staffords would assume Lanata’s existing mortgage at First Federal of Malvern in the amount of $40,000.00. On April 16, 1982, the Lanatas and the Staffords entered into a printed form “Purchaser’s Agreement.” This agreement was in the form of a contract for deed. It…