- 11 - Carey, Trustee" for the stated consideration of $20,000.6 This transfer was subject to the existing mortgages on the property, some of which mortgages were then in foreclosure proceedings. Out of the $20,000 placed in escrow, Florence herself received $14,223.60, $3,000 went to pay her bankruptcy attorney, and the remainder went to pay taxes and fees on the transaction. At this time, the Burlington property was subject to three mortgages: the original 1978 first mortgage,7 the March 21, 1980, mortgage from United Bank & Trust Co., and the March 23, 1989, mortgage from Connecticut National Bank. On July 27, 1989, Mr. Bowers entered into a contract with Leaders Real Estate (Leaders) in Farmington, Connecticut, giving the realty company exclusive right to sell the Burlington property at a listed price of $279,900. This contract was for the period of July 27, 1989, through August 27, 1989 (the first listing contract). A second such contract was signed by Mr. Bowers on August 30, 1989, for the period of August 28, 1989, through September 28, 1989 (the second listing contract), with a listed price of $289,900. Under the second listing contract, however, the parties agreed to allow an exclusion for a sale to Mr. and Mrs. Zbigniew Janas (the Janases). Thus, if petitioners 6 At that time, Florence thought that Mr. Carey was trustee for Mr. Bowers. 7 At this time, the first mortgage, securing the loan from Hartford National Bank & Trust Co., was held by Shawmut Bank.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011