Evening journal., 1922-07-10
greenfield
/ Tells ABOUT
TITLE DELAY
NEI E

Gently through Caleb E. Burchena
attorney, who is assisting the Green
fefd firm. shows that the buyer c
The. house was required TO make
pavment as an adjustment for nr
insurance. taxes and water rent j
addition TO paying the fun renta
for the house. That payment
amounting 10 s51.34, was made o,
the house purchaser to Mr.. Burche
nal representing the Greenfield IN
terests. and covered taxes. wate
rent. house rent and insurance
Records at the city tax office an'
the county tax Office today failed u
show that any taxes for the veal
1922 had been paid by the Lloert.
Land Company, by the Greenhel'
COMPANY. or by Margaret virgins
the Greenfield Company's nominee
on the contrary, the records al
the city tax Office show that 50 IN
dividual purchasers Of the Union
Gardens properties who have taken
title have personally paid city
taxes on those properties for the
xear 1922. Taxes for the year 1871
on the properties were paid by tne
Liberty Land Company, the recoruS
at the tax Office show.
In 10 the close of business sat
urday. 14s deeds for Union Gardens
properties had been filed Tor re-
cording.
Mr. GreenfieId's Statement.
Mr.. Greenfeld's statement Is as
I'm connection with the set
Element Of the properties at
Union Park Gardens, we wish
10 supply you with definite in
formation, so that the public OF
wilmington will not be under
any misapprehension as TO the
facts.
sWhile these properties were
sold at public sale on February
27th. 1922, It is a matter OF
record that title from the Ship
ming Board to our nominee,
Margaret Virgins, was not OBJ
..tained until the third day OF
June, 1922. 1t is, therefore
S..evidence that prior TO that date
our hands were absolutely tied,
in so far as making settlements
with the purchasers were con-
cerned.
Immediately after the trans
fer was made we put as large
a force as is practicable, to pre-
pare and make settlements with
apd aF tho rarnc-
'ent time have eight persons
working directly for us on this
operation, in addition 10 the SER
vices being rendered by Caleb +.
Burchenal an attorney. who has
large force, we understand,
working for him.
oH ITO anyone who is familiar
with real estate transfers. the
work involved Is easily appre-
ciable. as in every case the deed
3 must be prepared. and under
THE terms of the deed from the
Shipping Board to Margaret
Virgins. It is necessary for us
TO obtain the signatures of the
persons who purchased the
properties at public sale. but
who have since assigned or sold
their agreements and in many
cases, these persons do not re-
side in Wilmington. In fact, It
is difficult at times to even To-
cate them.
-"Further. some delay arises
because of the fact that the
purchasers did not avail them
selves of the opportunity to
purchase the properties upon
mortgage, and are. therefore,
unable TO make settlement when
called upon because they have
not sufficient cash. In the case
Of two persons who purchased a
total OF forty-two houses they
requested an extension to Aug
ust LIST, 1922. to enable them to
raise the funds with which to
settle. which extension was
cheerfully granted.
up to and including July 9TH,
1922, there have been made IT'S
settlements. which. including the
date when title was vested in
Margaret Virgins means an av-
crage of almost six settlements
every day (sunday excepted).
OF course. at first, settlements
were of necessity slower, but
now we are making settlements
at the rate of about twenty per
day.
1T is immaterial to us wheth-
er the purchasers who availed
themselves of their options to
settle by means of part mort
gage and part cash settle upon
this basis or otherwise. We are
in every way living up to our
agreement. and will settle with
any or all persons when they
desire- In fact, we are as anx-
ious as they are to have the
matter concluded.
We want to assure all the
purchasers that we are acting
in absolutely good faith with
everyone, and in so far as the
: rents are concerned, it can be
seen, since all adjustments are
made as of the day of settle
ments, that the fixed charges
such as taxes, water rents, in
terest on the investment. and
overhead expenses will about
equal the rents collected from
the entire operation. so that de-
lay is of no benefit to us.
We are trying to settle for
these properties in a systematic
manner and therefore have
adopted the plan Of settling by
streets. If. however, through
special circumstances, anyone
requires an earlier settlement.
and he or they will so advise
US we Will do our best to accom-
modate him or them by ar
ranging those particular settle
ments at the earliest possible
Hfoment.
II 1.