In its most enlarged and technical sense, purchase signifies the lawful acquisition of real estate by any means whatever, except descent. It is thus defined by Littleton, section 12. Purchase is called the possession of lands or tenements that a man hath by his own deed or agreement, unto which possession he cometh, not by title of descent from any of his ancestors or cousins, but by his own deed. 2. It follows, therefore, that not only when a man acquires an estate by buying it for a good or valuable consideration, but also when it is given or devised to him be acquires it by purchase. 2 Bl. Com. 241. 3. There are six ways of acquiring a title by purchase, namely, 1. By, deed. 2. By devise. 3. By execution. 4. By prescription. 5. By possession, or occupancy. 6. By escheat. In its more limited sense, purchase is applied only to such acquisitions of lands as are obtained by way of bargain and sale for money, or some other valuable consideration.
Law Dictionary – Alternative Legal Definition
The word, “purchase” is used in law in contradistinction to “descent,” and means any other mode of acquiring real property than by the common course of Inheritance. But it is also much used in its more restricted vernacular sense, (that of buying for a sum of money,) especially in modern law literature; and this is universally its application to the case of chattels. Purchase money. The consideration in money paid or agreed to be paid by the buyer 1 to Jthe seller of property, particularly of land. Purchase money means money stipulated to be paid by a purchaser to his vendor, and does not include money the purchaser may have borrowed to complete his purchase. Purchase money, as between vendor and vendee only, is contemplated; as between purchaser and lender, the money is “borrowed money.” Heuisler v. Nick-um, 38 Md. 270. But see Houlehan v. Rassler, 73 Wis. 557, 41 N. W. 720. Purchase-money mortgage. See MORTGAGE. Quasi purchase.