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LOC KHEED OUTST AN DING BOND BUYERS
Mrs. U S Savings Bond (Jacqueline Goreham) presents the U.S.
Treasury Department s Minute Man Flag award to President
Larry Kitchen of I ockheed Georgia Company and Lockheed’s
branch bond chairmen for the outstanding record of
participation by I ockheed employees in the payroll savings plan
for U S Savings Bonds I ockheed’s flag has two gold stars in
recognition ol the company's ten year record of more than ‘>o
per cent employee bond buying participation. Actually more
than *)H per cent of the employees participate (PRN)
Ism and {jam VoUwi
by the Georgia Consumer Services Program
BUYING VAC A LION PROPER I Y
We would like to buy a vacation house this spring, and we're
interested in several developments All sound equally good
What can we do to be sure we get our money’s worth 7
There are a great many
reputable development
companies, hut, because so
many people are interested in
buying vacation/weekend/rec
reational property these days,
a number of fast buck
operators are on the scene too.
You are probably interested
in property on a lake, in the
mountains or near the ocean.
No matter which, there are
certain things you should be
sure to find out f irst, you
should never buy property
you haven't seen, even if you
have to make a special mp to
see it. Some companies
sponsor "free trips” for the
sight of the property. If
offered by a legitimate
company, this can he a very
good way to see the properly.
Before accepting such a trip,
find out
• Exactly how much of the
trip is really free. Very few
companies pay ALL your
expenses. Know what you’ll
have to pay for.
• Be sure that the lot you are
shown is the lot the company
is offering to sell you In some
cases people have been shown
“sample lots.” and then
received the deed lit art
underdeveloped lot they had
never seen
• Georgia Consumers Services
has had reports from people
who went on such trips, and
were actually fined for not
attending sales meetings. Kind
out what your obligations are
if you accept (Ire trip,
• Most of all. don't get
carried away with enthusiasm
while attending a promotion
dinner or visiting the site.
Take time to think it over and
discuss it with your lawyer
and u properly mortgage
officer at y our bank
Tilings You Should Know
What improvements have
tilready been made on the
property and what
improvements are planned If
recreational facilities such as
swimming pools or tennis
courts arc planned, find out
the dale they are to tie
completed Find out about
sewerage facilities, paved
streets, sidewalks, street lights,
garbage and trash disposal,
water mains, public
transportation, zoning
ordinances, and nearness to
police and tire departments.
Find out what kind of fin*
department is near If it is a
rural volunteer fire
department, your insurance
rales will be higher Find out
if you will have to pay extra
for any improvements that
have not been made yet
Find out if the area is
subject to flash floods, wind
storms, dust or sand storms,
extreme hurricane winds,
temperature extremes, and if
there will be any problem in
land drainage NOTL You
don’t have to take the
developers word for It Talk to
people already living in the
area, get information from the
county courthouse. the
county surveyors office and
the Stale Real Kslate Board,
You should also contact the
nearest better business bureau
and the local chamber of
commerce.
How far is the property
from the nearest town? There
are eases in which promotion
literature proudly proclaimed
that the property was ten
miles away from the nearest
town, but it turned out that
the ten miles was through an
impassable swamp, and fifty
mjles over usable roads. Other
literature may claim, “only
minutes away,” from the
nearest town. How many
minutes exactly, and over
whul kind of roads?
Find out if the lot in which
you are interested is about the
same size and shape of the lots
around it. Find out whal the
price of land is in the
surrounding area. Remember,
if the price they want you to
pay is much higher, it’s
probably over inflated, while
if it’s much tower, there may
he something severely wrong
with the land being offered.
Find out if you could gel a
belter buy on lols being
privately sold
Find out what kind of taxes
you will have to pay on the
property, and know the total
cost of the property, not just
the low monthly payments.
Find out if anyone has an
easement over the property in
question. An easement is the
right to cross your property to I
reach a road, pond or other, I
facility. Practically most I
important, be sure you can I
obtain a clear title to the 1
property. Find out if there are I
an\ liens, judgments, j
mortgages or unpaid taxes on I
the property. Even after you I
take possession and have made I
payments on the property, I
you can lose it, because the |
person who holds the mortage 1
or lien on the property before I
the sale has first claim to the
property even when ownership ]
changes unless the title lias ]
t*een cleared You need to i
have a lawyer or a title I
company “search the title” for
you. Here again, if you don’t
know who to hire to search
the title for you, your bank
will lie able to advise yon.
Finally, if you are dealing
with a development company
that is engaged in interstate
selling, you are dealing with a
company that is subject to the
Interstate Land Sales
Registration Act. Such
companies are required to file
a statement of record with the
Office of Interstate Land Sales
Registration, U.S. Department
of Housing and Urban
Development before any
unimproved property may be
offered for sale or lease. This
statement must honestly
explain pertinent facts about
the property. Then, the
developer must prepare a
property report based on the
information that was filed for
the potential buyer. This
report is supposed to explain
whether a clear title can be
passed on to the buyer, when
improvements will probably
be completed, distances to
nearby communities over
paved and unpaved roads,
availability of sewer and water
facilities, the placing of
contract payments in escrow,
present and future utilities
services, the number of homes
in the area that are occupied.
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the condition of soil and
geologic foundation which
would affect construction, and
many other things.
If a perspective buyer does
not receive such a report
before or when he signs the
contract, he can cancel the
contract and obtain a refund.
If he does not receive a report
more than 48 hours before
signing the contract he may
cancel the contract within 48
hours of signing it. If the seller
has not complied with the law,
or has made fraudulent claims,
the buyer may sue him for
damages amounting to the
purchase price of the lot plus
improvement costs and
reasonable court costs.
Further, the seller may be
subject to criminal penalties of
up to five years in jail, a fine
PAGE 2-B
of up to $5,000 or both if he
wilfully violated the law.
Remember though, there is no
substitute for personal
investigation, and you must be
sure to read the report and all
of the fine print in the
contract.
GOT A GRIPE? WRITE A
LETTER TO THE EDITOR.
PERRY, GEORGIA, THURSDAY, MARCH 30, m 2
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