On October 7, 1988, petitioners executed a binding written contract to purchase a house from Kathryn Sargent for $1,100,000. Petitioners agreed to pay a $50,000 deposit at the signing of the contract, $280,000 upon the delivery of the deed and to provide a note secured by a purchase-money mortgage in the amount of $770,000. Petitioners obtained four extensions of the closing date while they tried to sell the house they then occupied. After...
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