-3-
Petitioners lived at 605 Moore Street in Moscow until August
1989. Around January 1, 1989, petitioners rented an office at
106 E. Third in Moscow (E. Third property). Petitioners
occasionally spent the night at the E. Third property.
B. Petitioners' Purchase and Sale of the Spokane Property
1. Purchase Agreement
On March 20, 1989, petitioners signed a residential real
estate purchase and sale agreement (purchase agreement) to buy a
residence at 529 W. 22d, Spokane, Washington (W. 22d property)
for $180,000 from Michael W. Hagan (Hagan). Petitioners paid
Hagan a $5,000 deposit for the W. 22d property.
The purchase agreement stated that petitioners could take
possession of the W. 22d property at closing, which the agreement
defined as the date on which all documents are recorded and the
sale proceeds are available to the seller.
The purchase agreement stated that closing would occur by
June 19, 1989. On June 17, 1989, petitioners paid Hagan a second
$5,000 deposit to extend their purchase agreement for 60 days
because Hagan could not convey legal title (for reasons discussed
below at paragraph B-3) to the W. 22d property by June 19.
The purchase agreement stated that it was contingent on
Hagan's conveying clear title to the W. 22d property to
petitioners, and that if Hagan could not do so, the agreement
would be void and Hagan would return petitioners' deposit.
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