McMURRAY, Chief Judge.
This case involves a purchase of real property by Mr. and Mrs. Jarrett from Mr. and Mrs. Jones on or about July 30, 1980, under a residential sales contract executed on May 15, 1980. Approximately a year and one-half later (on or about January 1, 1982), the Jarretts discovered a serious water problem in the basement of their house. In regard to this problem, the Jarretts, by letter dated May 17, 1982, informed the Joneses that their basement...
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