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standing Mortgage or Deed of Trust, if any, the receipt
whereof is hereby acknowledged, the said GRANTOR [peti-
tioners] does grant and convey to the said Kevin R.
O’Malley and Kelly M. O’Malley, husband and wife, as
tenants by the entirety, their heirs, personal repre-
sentatives and assigns, in fee simple, all that lot of
ground situate in Anne Arundel County, Maryland and
described as follows, that is to say [lot 5] * * *
On December 16, 1999, the December 2, 1999 deed was recorded in
the land records of Anne Arundel County.
On December 2, 1999, Kevin O’Malley borrowed $254,400 from
F&M Bank ($254,400 F&M Bank 1999 loan) and $47,700 from petition-
ers (second loan with respect to lot 5).8 On the same date, Kevin
O’Malley transferred to petitioners all but $3,498 of the
$254,400 F&M Bank 1999 loan proceeds, or $250,902.9
On December 2, 1999, Kevin O’Malley executed a deed of trust
(December 2, 1999 deed of trust) with respect to lot 5 to secure
the $254,400 F&M Bank 1999 loan. The December 2, 1999 deed of
7(...continued)
the appraiser estimated the fair market value of lot 5 to be
$318,000.
8The parties stipulated that the second loan with respect to
lot 5 was in the amount of $47,000, and not $47,700. That
stipulation is clearly contrary to the facts that we have found
are established by the record, and we shall disregard it. See
Cal-Maine Foods, Inc. v. Commissioner, 93 T.C. 181, 195 (1989).
The record establishes, and we have found, that the second loan
with respect to lot 5 was in the amount of $47,700.
9As shown below in the settlement statement prepared with
respect to the events that took place on Dec. 2, 1999, petition-
ers were responsible for settlement charges totaling $3,498, see
infra note 11, which reduced the amount of the $254,400 F&M Bank
1999 loan proceeds that was transferred to petitioners on that
date. As also shown below in that statement, petitioners were
responsible for paying $15,900 of closing costs.
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Last modified: November 10, 2007