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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.
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