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whether the escrow agreement between petitioner and Essex was
oral or written.
3. Handling of the Proceeds From the Sale of Both Properties
In a letter dated March 2, 1990, Essex confirmed that he
invested petitioner's share of the proceeds from the Seventh
Street property ($30,072) in a certificate of deposit with the
Bank of Mecklenburg. Around March 20, 1990, KCLH transferred the
proceeds from the sale of petitioner's interest in the Monroe
Road property ($9,882), by check drawn on KCLH's trust account to
Essex's law firm. Essex added those proceeds to the certificate
of deposit with the Bank of Mecklenburg.
C. Petitioner's Purchase of the East Boulevard Property
On February 27, 1990, H.P. Smith (Smith), a real estate
broker with MECA properties, took petitioner to tour property at
910 East Boulevard, Charlotte, North Carolina (the East Boulevard
property), and gave him some preliminary information about the
building. The East Boulevard property was well-located for
petitioner's accounting practice. East Boulevard was one of two
streets in Charlotte on which petitioner was considering buying
replacement property. It appeared that the property could
possibly be suitable for petitioner, but there were several
points that had to be resolved. First, the East Boulevard
property needed to be substantially rehabilitated to make it
usable. Second, petitioner thought the sellers' price was too
high. Third, petitioner wanted to structure the financing with a
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