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Pelican Avenue transaction): Steven found the Pelican Avenue
property. He, along with John Richards, intended to improve it
by building a house upon it, which they would then sell. John
Richards and Steven’s father contributed $9,000 and $2,000,
respectively, towards the purchase price. Steven convinced
petitioner to contribute $3,000 or $3,500. Steven made no cash
contribution. The contract of sale was between Sandra Archer, as
seller, and the Van Aernams, as buyers. When Steven was
arrested, the purchase price had been paid, and the time
specified in the sale contract to close the purchase had expired,
but no closing had taken place. Petitioner, worrying that she
would lose her money, asked for a deed, and, on May 21, 1994, she
obtained the first quitclaim deed from Ms. Archer.
On July 15, 1994, Steven obtained the first warranty deed from
Ms. Archer. On July 25, 1995, Steven conveyed the property back
to petitioner by the second quitclaim deed. By letter dated
November 15, 1995, John Richards, by his attorney, suggested that
Steven convey the property to Mr. Richards, who would purchase
Steven’s interest for a “fair” price. The property was
subsequently sold for $15,000.
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