Andrew E. Blanche, Jr., and Cynthia D. Blanche - Page 3

                                        - 3 -                                         

          be credited to petitioners at the end of the option period, to be           
          applied toward the purchase price of the property.  The purchase            
          price for the property was to be $139,500 with a credit of $3,000           
          based on the $250 monthly payments by petitioners for 1 year.               
          The closing date for the property was August 31, 1991.                      
          Additionally, under the earnest money contract, petitioners were            
          required to pay earnest money of $100 initially, $2,500 on July             
          1, 1990, and $1,500 on January 1, 1991.  Petitioners were also              
          required to obtain outside financing for the purchase of the                
          Foxbriar property.                                                          
               On June 19, 1990, a standard inspection report was completed           
          on the Foxbriar property, which listed several necessary                    
          repairs.2  Despite repeated requests by petitioners to the                  
          Hewitts, no repairs were made to the Foxbriar property during the           
          contract period, except for the roof, which an insurance company            
          replaced in May 1991.  Petitioners also expended approximately              
          $969 for plumbing repairs during the contract period.                       
               Petitioners made all payments required under the earnest               
          money contract; however, petitioners failed to purchase the                 
          Foxbriar property on August 31, 1991, the closing date.                     

               2    The items found to not be in satisfactory condition               
          ranged from minor problems such as a wobbly ceiling fan and a               
          missing filter in an air return grille to more serious problems             
          such as “bowed” roof structural supports and a broken diagonal              
          roof support.                                                               

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011