Van Berkem v. Mountain Home Development Co.

SCHWARTZMAN, Judge.

I

FACTS AND PROCEDURE

On June 12, 1991, John and Murial Van Berkem and Frances B. Kirkwood (sellers) entered into an agreement with Mountain Home Development Company, Inc. (MHDC) for the sale of a parcel of real property. The agreement stated that MHDC would pay eighty thousand dollars ($80,000) for the property with twenty thousand dollars ($20,-000) down and annual payments of twelve thousand dollars ($12,000) plus interest, due on September 15 of each subsequent year. In exchange, the sellers were required to place in escrow a warranty deed conveying the property to MHDC…