Browning chief. [volume] (Browning, Mont.) 1941-1953, 1943-04-16

y. Does the borrower pay all the
expenses incident to making loan?
A Yes, ordinarily. However, this may
be changed by agreement.
Q. Is first mortgage on real estate
a good investment?
A. The security given determines
whether it is good investment or net
II you are not familiar with the value
of the security offered, consult someone
who is. and in whom you have conf
dence You should be sure.
@. What do l do when | lend money
on real estate?
A. Agree upon all the terms and con-
ditions; determine the sufficiency of the
security offered; have the mortgage,
notes and other papers properly drawn
and executed; the mortgage recorded
and complete abstract furnished you
showing a good and marketable title
free and clear of all liens and encum-
ORANGES except your mortgage. Be sure
your mortgage is first lien on the
property. If in doubt, consult your
lawyer.
@. If the borrower does not pay me
as agreed, what should l do?
A. Consult your lawyer.
General Questions
@. What do you mean by record title?
A. 1t is the title as reflected by the
public records of the county, You cam
not do business without title.
Q What do you mean by title?
A. Title is the thing by which parties
determine whether they will buy, sell,
mortgage or deal in real property and
good evidence of title is an abstract
which, under the statutes of Montana,
is receivable in evidence by the courts
Of this state
Q. The land want to buy was owned
by the sellers father for thirty years.
Shouldn't the title be good?
A. Ownership for thirty years or any
length of time does not make the record
title good Follow the advice given in
this article as to abstract, examina-
ton of title. ETC., if you really want to
know.
@. Should l consider the title to prop
erty good because it has been or is
owned by careful, prudent and con-
sentative business man, or even a law
yer?
A. No. Never. There is only one way
to know about title. Get an abstract,
have it examined, etc, as heretofore
advised
@. When property is inherited or
passes by will, should there be a deed?
A. No.
@. What is tax title?
A. Title based upon the sale of the
| property for unpaid taxes and procedure
| in accordance with the statutes, includ-
ing the execution and delivery of a deed
| by the county treasurer.
@. Are all title papers supposed to
be recorded?
A. Only such as the statutes provide
may be recorded.
@. What shall l do about the restric-
tons on the property am going to buy?
| A. Consult your lawyer unless you
fully understand them.
Q. If get a deed to the property l
am buying, will that be all that is
necessary?
| A. No. Insist upon a complete alb
| stract of title. Have it examined by a
competent attorney. Get written opin-
ion and have all defects cured of record.
Your attorney will advise you when
this has been DONE
9. | have the deeds to all my property
locked in a safety deposit box in the
bank. Why should record them?
A. To establish your title of record.
Deals in real estate are based upon the
record title.
@. Why should keep my tax re-
ceipts?
A. To show that you have paid your
| taxes.
@. When l pay a mortgage, should l
get signed and acknowledged release
of it?
A. Yes, and have the release recorded
Immediately.
@. Should l get the original note
marked paid when l pay?
A. Yes. and it would be well to
keep it.
@. When l buy, should l have the
property surveyed?
A. Yes, if there is any question as to
the boundary; otherwise, no.
Q. What is title opinion and who
gives it?
A. 1t is what your lawyer tells you
about your title after he has examined
your abstract. 1t should be in writing
@. can have copy of Mr.. Smiths
opinion. Won't that be just as good?
A. No. Mr.. Smiths attorney is liable
only to Mr.. Smith, so if something
should happen, you have no one upon
whom to rely.
@. Can write my own will?
A. Yes. but it would be better to have
it prepared by a competent lawyer.
Q. What is an escrow?
A. Originally, an escrow was created
when a deed was delivered to third
disinterested party for delivery to the
grantee upon the happening or per-
Torrance of certain conditions.
Now the escrow may include the de-
livery of an abstract of title, insurance
policy, satisfactions of mortgages and
other instruments; in fact. escrows are
now created to handle the closing of all
sorts of transactions, for which mod
crate escrow fee" is charged.
@. Would lose my property if l lost
my deed and somebody found it and
wanted to claim my property?
A. No.
Q. When l buy property, who pays
this years taxes?
A. After IL o'clock noon on the first
Monday in March the seller, if he agrees
to give title clear of all liens This
liability may be changed by agreement.
Q. bought my property several years
ago. Should l now have an abstract
made and the title examined and ap-
proved?
| W.. II. :. JoIu-,. L..