The Archer County News (Archer City, Tex.), Vol. 50, No. 11, Ed. 1 Thursday, March 12, 1964 Page: 7 of 8
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A
Title Insurance Does Not Always
Protect Owners Equity in Property
Three out of four families
who buy houses in the $11,000
to $15,000 price range jeojardize
their investment because they
do not protect their cash and
ownership with commensurate
title insurance.
These financial risks result
from insufficient knowledge of
tfe difference between an 'own-
er’s policy’ and a ‘mortgage pol-
icy,’ and lack of information
about title insurance.
The main point is that the
usual title insurance taken out
by the purchaser of a home in
the up-to-$15,000 bracket serves
only to protect the bank or lend-
ing institution. It is often com-
pulsory for the buyer to pur-
chase this insurance, known as
the mortgage policy,’ since some
mortgagees insist upon this par-
ticular safeguard as one of the
loan conditions. The ‘mortgagee
policy,’ however never protects
the home owner’s equity. This
is so even after the mortgage
is fully paid.
A course remains open for the
purchaser who wants to cover
himself for the entire price of
the home. He should, at the time
of application for the required
mortgage policy,’ check with his
attorney about simultaneously
obtaining an ‘owner’s policy’.
The ‘owner’s policy,’ in contrast
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PAT'S AUTO SUPPLY joins
the nation in the celebration
of ST. PATRICK'S DAY. The
brogues will be popping every-
where, and the wearing of the
green is elmost universal. Let
the Irish bubble over in happy
relaxation as we hear the bon-
nie Irish Tunes.
PATS AUTC SDPPIV
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to the ‘mortgage policy,’ protects I
the home buyer as long as he |
owns the property. In many in- j
instances, it also protects ani
owner even after he sells, if he j
owns the property. In many in-!
stances, it also protects an own-
er even after he sells, if he has
a warranted title.
Owners of higher-priced homes
usually take out both title poli-
cies. Thus, they purchase peace
| of mind on their substantial
equity instead of trying to ‘save’
a few dollars, a false economy
which may later invite trouble.
Title insurance took on greater
significance after World War II.
It is a requisite today by many
banks and lending institutions for
those applying for mortgage loans
and is for the lender’s protection.
1A defective title, it wa3 shown,
may cost the ‘owner’ not only
the price of the home but con-
siderably greater sums if the
; new owner ‘inherits’ previously
undiscovered liens, back taxes, I
or defects of title that do not
appear on the records.
The purchaser of the $11,000
$15,000 home often withholds
taking the ‘owner’s policy,’ which
protects his equity continually,
‘in order to save a few dollars.’
An element of risk enters, how-
ever, if flaws are subsequently
found. The owner without title
insurance would not be reimburs-
ed to the extent of the defect.
To compound his difficulties, the
owner would be burdened with
the cost of correcting the title
defect and legal costs.
To illustrate the difference in
an ‘owner’s policy’ and the ‘mort-
gage policy,’ the following case
was cited: Mr. Smith buys a
home for $15,000. He places $2,000
down and takes a $13,000 mort-
gage loan. Pursuing the course of
many home buyers, his only title
insurance purchase in a ‘mort-
gage policy’ for $13,000, which
the mortgagor demands and
which protects only the lending
institution Each year Mr. Smith’s
decreases. Never theless, know-
equity increases as his mortgage
ingly or not, Mr. Smith is not
carrying any title insurance
which protects Mr. Smith.
If a faulty or fradulent title
should be discovered, or if pre-
vious)’unknown liens gainst the
property were to be established
during the life of the mortgage,
or after it was paid, Mr. Smith j
would have no protection.
(This newsfeature, prepared
by the State Bar of Texas, is
written to inform—not to advise.
No person should ever apply or
interpret any law without the
aid of an attorney who is fully
advised concerning the facts in-
volved, because a slight variance
in facts may change the applica-
tion of the law.)
Mrs. Spencer Speaks
On Modern Texans
Speaking before the Dundee
Study Club on Wednesday, Mrs.
Floyd B. Spencer told the group
about the work of some famous}
Texans who are leaders in the |
world today. Mrs. J. R. Parkey
was hostess to the club in her |
home at Mankins.
In addition to President John-
son, the speaker told of Robert |
Anderson, Tex Thornton, Tom
Clark, Walter Cronkite, Oveta
Culp Hobby, Dale Evans and oth-
ers.
The club voted to send a dele-
gate to the Santa Rosa District
Meeting in Wichita Falls on
March 23. The program chairman
announced the next meeting
would be at the Woman’s Forum
in Wichita Falls, with Mrs. David
Williams of Dundee to be pre-
sented in a book review. Guest
day will be observed. Members
present for the meeting in ad-
dition to the hostess were Miss
Bertha Taylor, Mmes. Roy Lakey,
H. S. Pankhurst, Charles Wil-
liams, Jack Robertson, Floyd
Spencer and Dan H. Marshall.
Boykin Seeks
Senate Pest
The Archer County News Thursday, March 12, 1964
ter qualified to serve all the qjj Allowable
people because of my varied j
business experience and exten- J 25 Percent for Mar.
sive educational background and !
„ • „ _ , earnestly seek the support of I Oil Allowable-Railroad Com-
SeS' h.T B.Sr of every honest, »o,k.ng m.» end ^
Science and Master of Arts de woman of the 23rd Senatorial wells to continue on a 25 per
grees in three (3) years and District.’ cent of capacity allowable in
seven (7) months with a high B „May j invite yOU the March. But even though Febru-
average. His major was Speech tQ write me at Box x Guthrie, ary production at 29 per cent
and Education. Texas and let me know that I averaged an estimated 2,557.662
Boykin taught Speech, Discus- have your support, and what you daily production, and although
States Marine Corps and served
18 months in the Southwest Pa-
cific.
After his discharge from the
Marines in 1946, he enrolled as
i a freshman at West Texas State
like to introduce or
March will contain two more
sussion Methods, and Parlimen would _________ _____ ____
tary Law for six years in Texas change during the^ next legisla- ^ ^ ^ February
colleaes. He was a teachine as- tive session in Austin. I will do ... ... . .
! production will be less.
Archer City Personals
Mrs. C. T. Sides and Miss Judy
Spears were guests of the Tru-
man Gillems, 305 S. Mulberry,
last week.
Cecil L. Boykin, Superintend-
ent of Schools at Guthrie, Tex-
as, King County, announces his
candidacy for State Senator of
the 23rd Senatorial District.
i
Boykin was born and lived on
a cotton farm near the Delwin
community in Cottle County un-
til 1943, when he volunteered
for service with the United
colleges. He was a teaching as-
sistant at the University of Tex (my best,
as while working toward the Doc
tor of Philosophy degree in Ad-
ministration and Speech. This is
his second year as Superintend-
ent of Schools at Guthrie, Texas.
He is married to the former
Helen Payne of Wichita Falls,
and they have two sons, Dennis
Lee, 9, and Tony Dale, 6.
‘‘My decision to enter this
campaign was Dial of mine and
my wife’s and no one else. I was
not “hand-picked” by anyone or
any group. My wife and I felt
that after being served so well
by Mr. George (Cotton) Moffett,
the people of this 23rd Senatorial
District needed a choice of can-
didates. I sincerely want to rep-
resent all the people and not
just a few. I feel that I am bet-
ARCHER CITY
PLIMBIIIG & HEATHS
North Side Square
PHONE HO 2-5650
Archer City
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All Types of Plumbing and Heating Supplies
Ditching Machine
Fairbanks-Morse Water Pumps
Small Electrical Appliance Repair
_State Licensed Plumber—
KOUNTY KIST
Archer City Personals
Mr. and Mrs. George Ensey,
601 S- Oak, visited with her two
sisters Mmes. Earl Moore and
Jesse Ensey in the home of the
| latter in Wichita Falls, over the
weekend. Mr. and Mrs. Moore
from McKinney were visiting
Mr. and Mrs. Jesse Ensey in
Wichita Falls.
BUTANE ★ PROPANE
METERED GAS
. rMTAM* WELDING •
RELIABLE GAS COMPANY
ELMER CARTER, owner phon* HO *-3196
Night Phones 2 54*9 or 2-5717
BAH GREEN STAMPS on ell accounts paid before
the 10th of month following deto of purchase.
First Baptist Church
"Extendi A Warm Welcome To All”
SUNDAY
Sunaay School — 9:46 a. m.
Morning Worship — 11:00 a. m
Evening Worship — 7:30 p.m.
Training Union — 6:30 p.m,
WEDNESDAY
Teachers and Officers Supper and Meeting
Prayer Meeting — 7:46 p. m.
MONDAY — VISITATION DAY
Ambassador* for Christ meets each Thursday night at
7:3* p.m. — Youth of our city are welcome.
O magnify the Loid with me end let us exalt his name
together —Psalms 34:3
You Are Cordially Invited to Attend All Servioes”
JAMES McQENLAY, Pastor — Ph. HO 2-6789
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Stults, Joe K. The Archer County News (Archer City, Tex.), Vol. 50, No. 11, Ed. 1 Thursday, March 12, 1964, newspaper, March 12, 1964; Archer City, Texas. (https://texashistory.unt.edu/ark:/67531/metapth714204/m1/7/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Archer Public Library.