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Esposito (Esposito), filed with the Bankruptcy Court for the
Eastern District of Washington a motion to authorize the trustee
to sell the W. 22d property (motion to sell). On December 15,
1989, Deglow objected to the motion to sell.
On December 22, 1989, the bankruptcy court decided that the
W. 22d property was the property of Deglow's bankruptcy estate
and ordered that the trustee and Hagan sell the residence to
petitioners for $180,000. Petitioners spent $10,000 in legal
fees to resolve the title dispute over the W. 22d property.
4. Passage of Title to the W. 22d property
On January 25 and 26, 1990, Hagan, and Esposito as trustee
for Deglow's bankruptcy estate, conveyed title to the W. 22d
property to petitioners by quitclaim deed. Petitioners financed
$144,000 of the purchase price through Mountain West Savings Bank
(Mountain West). Mountain West disbursed the $144,000 loan on
January 30, 1990.
On January 31, 1990, escrow closed on the W. 22d property.
Petitioners obtained legal title to the W. 22d property on
January 31, 1990. At settlement, Hagan applied petitioners'
$10,000 deposit to the purchase price.
Petitioners made the first mortgage payment on the W. 22d
property on March 1, 1990. Petitioners did not pay rent or other
compensation to Hagan to live in the W. 22d property from when
the purchase agreement was executed on March 20, 1989, until
escrow closed on January 31, 1990.
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