Evening journal., 1922-06-22

chasers are required to pay $50 fol-
search, $40 for preparation OF
papers, revenue stamps. recording
fees. and take out hve-year fire
insurance policy against a three
year mortgage.
Purchasers have no choice about
having their own deed or mortgage
prepared, even though they could
get 1t made at reasonable cost,
and have no choice as TO what
company they prefer to place their
Insurance with, and have no choice
as to whether they desire three or
five year policy.
THE purchasers, knowing that
! the government wheels are SLOW
turning at times. have waited pa
tiently for four months for their
I deeds. and are 10 be Gained with the
! consolation that about eight deeds a
! day win be put through. Divide
eight into 500, and you can figure
when YOU will get your deed.
Then again, purchasers who are
occupying their houses are paying
rent. in addition to having a deposit
on their houses, with no interest on
same; not mentioning the number OF
purchasers who have borrowed the
second payment. and have been pay
interest on same, possibly since the
sale.
Il understand that the settlements
have been divided into four classes:
Il. Vacant properties, not pro-
ducing rent Ccash.).
"2. Occupied properties for cash
80. Unoccupied properties, with
moasage. .,,
mortgage Cat the rate OF eight per
dayD.
prior to the sale, the total rentals
OF Union Park were about $lS.OOO
per month, and are about the same
now. This is an income al the rate
OF $500 per day with no expense, as
all repairmen. formerly employed by
the Liberty Land Company, have
been laid off. and Mr.. Kramer is the
only representative OF the Shipping
Board. the Greenfield Company now
receiving all the rentals But no re-
pairs are being made nor any con
sideration given the tenants.
Il think the purchasers OF Union I
Park properties have been exceed +
ingly tolerant, but too much Is
plenty. When you consider that al.
these deeds could have been pre-
pared by the Liberty Land Company
given. and settlements
made within two months from date
OF sale. whereas they 'huckstered'
the mortgages and sold them at n
price much less than they could have
secured all at the expense and in
convenience OF the purchasers of the
"If purchasers or tenants pro-
-ective association is formed. and a
late for settlement set, and Green {
Held and Company notified. and the {
purchasers be prepared on that day
make legal tender this would pos ,
iibly bring a relief OF continual rent &
paying, as the fact of merely with
holding the rent will not relieve the 1
purchaser OF the payment of the q
'ent AT the time OF settlement. as
he leases from the Liberty Land
company have been assigned TO Al ]
red ". Greenfield and Company and
enants are still subject TO this lease,
nd with a lucrative income why
lurry the deeds?"
Article 4, page one on the original
erms of sale which is referred 70 by
Hr. Wenzing reads as follows:
"Such purchase money, bond and
mortgage covering the promises
purchased shall be drawn by the at
orney for the seller satisfactory TO
{. and the purchaser is to pay the !
mortgage recording fees and the I
'nited states Revenue stamps
harge required in the transaction" y
A Joker" was today discovered n
q the terms in the third paragraph 4
which provides that in case the n
alier canno tclose any title on the +
ate fixed the Seller has and re- n
arves the right l. adjourn the clos Z,
lg from time TO time until It shall II
q able to close the transaction" ~
There also is another paragraph .,
this same article which reads: y
"If the title is not delivered to any :,
NANfs lUA VI put NfAAlfl AllF UMllEl
or the Auctioneer shall in any way p.
2 liable TO the purcha er. excep; nj
n return of the deposit of ten ~,
.Oe6). percentum or other amount. n,
any paid on the purchase price. ~
I'd tho Auctioneer's fee, paid to the n,
uctioneer without interest" ot
This newspaper today received b,
le following: in
Editor OF Evening Journal:
"Sir: Please allow me little o.,
'ace to commend The Evening h,
1urnal for its timely article OF yes r.
rday afternoon about the Union 90
ardens housing muddle You are :,
I the right track. and I hope you o.
i'm smoke out the disgusting situa -,
on. II there is any doubt about it 80
ing regarded as disgusting stu n.
ion just have your reporters in -
rview any of 'the persons who ~
'usht or thought they bought one
the Union Gardens houses for a
home. and not FOR mere =,
eculstion. ~
your newspaper hit the nail on -,
e head when it referred in yester- ~ ~
vs. article to the red tape de'ay
ID jockeying which is making ~.
ings soft for the crowd Of specu- ''