Brauner v. Lamper

LETTS, Judge.

At issue, in this mortgage foreclosure action, is whether a true purchase money mortgage, executed simultaneously with a warranty deed, but delayed of recording in the public records, takes precedence over other subsequently executed mortgages which are, however, recorded first. We reverse the summary judgment entered in favor of the seller/purchase money mortgagee.1

The purchase and sale agreement for this improved real estate called for a $410,-000 purchase price, to be paid at closing with $100,000 in cash and $310,000 by way of two purchase money mortgages executed by the…