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problems, the Sopers could not pay the full price for the
property. On October 30, 1989, the Sopers agreed to pay
petitioners $10,000 for an option to buy the Blue Lake property
(the option agreement). The $10,000 payment was creditable
toward the sale price; it was not refundable if the Sopers did
not buy the Blue Lake residence. Thereafter, the Sopers
landscaped the exterior, installed a dog run, and redecorated the
interior of the house by doing such things as hanging wallpaper.
Under the option agreement, the Sopers were responsible for all
maintenance on the house. Petitioners did not make or pay for
any repairs on the Blue Lake property after October 30, 1989.
The Sopers agreed to obtain liability insurance for the
residence. After November 1, 1989, the Sopers made petitioners'
mortgage payments on the Blue Lake property to Home Federal Bank
and Beneficial Finance. The payments to Home Federal Bank
included reserves for all property taxes and liability insurance
on the property. The Home Federal Bank mortgage required
petitioners to maintain liability insurance on the Blue Lake
property. Petitioners agreed to maintain fire insurance on the
residence. The Sopers obtained renter's insurance for the Blue
Lake property. They did not obtain title or hazard insurance for
the property.
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Last modified: May 25, 2011