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The Agreement further provided that taxes, utility charges,
and other expenses were to be prorated between the parties on a
per diem basis as of the close of escrow.
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
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