- 9 - purchaser or lessee met the residency requirements of Highland Farms. Up to the time of the trial petitioner had allowed only two transfers of ownership: (1) A cluster home owner married another cluster home owner, the wife transferred title of her unit to herself and her new spouse as tenants by the entireties, and petitioner repurchased the husband's unit; and (2) an owner transferred title of his unit to a grantor trust, subject to the same terms and conditions of the purchase agreement. Up to the time of the trial petitioner had resold each repurchased cluster home for a price higher than its original purchase price.7 The parties stipulated that the testimony of the cluster home purchasers would be that the transactions were always represented to the purchasers as sales, and that at no time did petitioner make representations to the purchasers, either in writing or orally, that the transactions were loans or mortgages or that there was a mortgagor-mortgagee or lender-borrower relationship between the parties. Petitioner, however, contends such a relationship is evident in the purchase agreement. The parties also stipulated that it was the cluster home purchasers' understanding that they were required to transfer their cluster homes back to petitioner for a percentage (not less than 76 percent) of the original purchase price. This was also the understanding of petitioner's president, James Neves. 7 Although it had never happened as of the time of the trial, if real estate market prices fell, petitioner would resell the repurchased cluster home for a price less than its original purchase price.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