Mann v. Wolff

The Wolffs accepted Mann’s written offer to purchase two parcels of land for $229,000 to be paid (1) by the assumption of existing first and second mortgages “totalling approximately $213,000”; (2) by “[d]eposit herewith” $1,000; (3) by “[e]ash on delivery of deed,” $10,000; and by “[t]hird mortgage to be taken back by [s] eller for the balance of approximately” $5,000. The offer was “conditioned upon . . . the buyer and seller executing a mutually satisfactory purchase . . . agreement.” The Wolffs proposed a definitive agreement which provided that the amount of the third mortgage note…