- 5 - Escrow Deposits On November 2, 1989, pursuant to the Agreement, petitioners opened escrow No. 607137-JH with Chicago Title Insurance Co. as “Escrow Holder”. The closing date for escrow was May 1, 1990. Also on November 2, CDC deposited a $75,000 cashier’s check as the Initial Deposit referred to in the Agreement with Escrow Holder. On that same day, Escrow Holder released the $75,000 cashier’s check to petitioners. On November 7, 1989, petitioners purchased a certificate of deposit in the amount of $100,000. The funds used to purchase the certificate of deposit consisted of the $75,000 petitioners received from Escrow Holder and $25,000 from petitioners’ personal checking account. Pursuant to the Agreement, on November 17, 1989, CDC deposited the $425,000 Additional Deposit with Escrow Holder. On that same day, the $425,000 was released to petitioners by wire transfer to petitioners’ personal account. Before the wire transfer of the Additional Deposit, the balance in the account was $118,420.13. On November 21, 1989, petitioners disbursed $500,000 from their account and used this money to pay down the mortgage on their residence in Huntington Beach. On May 2, 1990, CDC exercised their right to extend escrow and delivered the $200,000 Extension Payment to Escrow Holder. The closing date was extended until September 1, 1990. Escrow Holder released the $200,000 Extension Payment to petitioners by delivering a check to petitioners’ attorney Mr. Jay Steinman (Mr.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011