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Road property as his sole and separate property. Ms. Olsen
received specified personal property, real estate located at 211
Tryon Road (211 Tryon Road property), and real estate located in
Cosmopolis, Washington (Cosmopolis property). On November 10,
1993, petitioner and Ms. Olsen conveyed and quitclaimed all of
their respective interests in the Tryon Road property, the 211
Tryon Road property, and the Cosmopolis property to the other
party, according to the agreement.
In order to equalize the property division, the agreement
required petitioner to pay $103,000 to Ms. Olsen as follows:
$51,500 no later than May 10, 1994, and an additional $51,500,
plus interest, no later than November 10, 1994. To secure the
obligation petitioner owed to Ms. Olsen, petitioner conveyed a
deed of trust on the Tryon Road property to Title Guaranty
Company of Lewis County. Immediately prior to the conveyance of
the deed of trust on November 10, 1993, petitioner held legal
title to the Tryon Road property free and clear of any liens,
mortgages, or other encumbrances on the property. The agreement
did not require petitioner to sell any portion of the Tryon Road
property to satisfy the $103,000 obligation owed to Ms. Olsen.
On February 17, 1994, petitioner sold 17 acres of the 30
acres of land and timber located on the Tryon Road property to
North Fork Timber Company for $175,000. Of that amount,
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