- 4 - mortgage on the property, which balance was $106,000 at the time the agreement was entered into. In September of 1996, petitioner paid Peterson the $5,000 for the option to purchase the property. Beginning in September of 1996 and continuing through 2000, petitioner also paid Peterson $1,051 per month. In a December 2, 1998, letter to petitioner, Peterson referred to the property as “my property” and acknowledged that he, Peterson, was still using the property as his address for the purpose of receiving mail. Peterson consistently referred to the agreement as an “option” agreement, and in September of 2001 Peterson wrote a letter to petitioner in which Peterson made it clear that he understood that petitioner was not yet bound under the agreement to purchase the property. In 1999, Peterson considered refinancing the mortgage on the property and so informed petitioner, telling petitioner that this would “actually [result] in a savings to * * * [petitioner] during * * * [the] option period.” Petitioner apparently wanted to participate in the refinancing of the property. Petitioner, however, did not respond when Peterson mailed to petitioner bank disclosure documents, and the refinancing of the mortgage on the property was never completed. In connection with his efforts to refinance, Peterson queried petitioner about the condition of the property andPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next
Last modified: May 25, 2011