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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.
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