The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1921-04-18
eIIlCEL cHlRcE
DF S22 ON all
FEDERAL HOMES


rsas ~ - mDUDbAB NOsB
VIM Assume Csst.
Purchasers Of government homes
In the quad -cities Will not have TO
Day the $2z charge for turning over
deeds and giving mortgages Tor
unpaid balances. Instead the cost
viii b only about $40.
This announcement was made BY
Deyore N. Simonson, Of the legal
flrm Of Curtis 4 Siinonson, which
has been representing the govern
ment here and Ii connected with
the housing settlement proposition
through connection with the Rock
Island County Abstract & Title
Guaranty Co., which has entered
into 0 now contract with the Unit
ed States Housing corporation.
The purchasers Of the homes
have been protesting the charge
and Mr.. Simonson went to Wash
ington last week TO get the case
Strengthened out. He conferred
with Robert Watson. president Of
the corporation. and other ON
Gals and said that as result of
his conference the United States
Housing corporation will assume
the cost Of bringing abstracts to
date. This cost formed the bulk
Of tho $22 charge.
However, there will be about
$40 for each property holder to
pay. OF this amount $1.25 will be
the regulation cost of having deeds
recorded, $2.25 for making out OF
mortgage papers and in addition
there will be the cost Of revenue
stamps which are attached to mort
gage notes. The cost Of the stamps
will vary depending upon the
amount OF the mortgage. but will
be between As and 70 cents. The
three items will make an approx
mate total Of $40.
Probably Settles Case.
The purchasers Of the homes
held another meeting Saturday aft
ernoon. having formed . perma-
nent organization the week before.
Little business was transacted.
however. az they are waiting for
word from Congressman W. J. Gra-
ham, who had promised to take the
case up In Washington. However,
with the announcement today from
Mr.. Simonson the services of Mr..
Graham will not be needed. With
this case settled the newly form
ed government home purchasers
organization will have only the tai
proposition to handle.
Mr.. Simonson. announcing the
new charge, said:
II was In Washington last weel
for conference with the United
States Housing corporation or
various matters pertaining to thu
properties Of the corporation il
Rock Island, Moline, East Moline
and Davenport. In our discussion
the corporation, to my great sur
prise, learned for the first time tina
it had been mistaken in its under
standing of the manner in whicl
its then selling representative hat
arranged to have the abstracts t,
the various lots continued, ant
that these abstracts as now hel,
by the corporation will not be dow
to the dates on which the deed
will be delivered to the purchas
ers.
Dissatisfaction with the situa
ton became at once apparent I
the corporation. because the latte
had always intended to have tn
title covered by title guaranty pol
icies or abstracts down to the date
Of the delivery of the deeds. Afte
consideration Of the best way I
\ remedy the situation, a contrai
was entered into between the Unit
ed States Housing corporation an
the Rock Island County Abstrat
4 Title Guaranty company, where
by the latter is to issue its It'll
guaranty policy for each Of the lot
lin Rock Island county, in the nam
Of the owner, United States {
America, so that thereby the It'll
will be properly and completed
covered down to the date of the d.
livery Of the various deeds.
VIM Make Refunds.
This contract with the TIL
guaranty company and the fact thu
the government will rely on the ii
herent priority rights Of the pul
chase money mortgages, mean tn;
the United States Housing corpori
ton will bear practically all ii
expense connected with the clio.
ing OF the deals. which before W.
to have been borne by the purcha.
ers, and that the latter's only e,
pense will be for the recording {
the deed Of $1.25 and mortgae
SEES. and the cost Of revenu
stamps which are required by la
to be attached to the mortgag
notes. The cost of the stamps wi
vary depending upon the amount {
the mortgage. but will be betwee
Is and 70 cents. which will be pai
by the purchaser, according to Il
cal custom. and at the time Of tn
delivery Of the deed.
collections made from purchas
ers who have closed their deal
for the expense above these item
will be refunded"
DAT VIZ Az N-1UrrH%s