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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Oct. 31, 1920)
SECTION THREE -: WANT ADS ' TWELVE PAGES BUSINESS NEWS PORTLAND, OREGON, SUNDAY: MORNING, OCTOBER 31, 1920. REALTY DEALS IN BINFORD GRAPHIC ARTS BUILDING ,.r v)f-...v...,.v..wrt.vjiJJ .),Jjj..,j. .. w.u,.iLi.M -unit -.. WJ iJ,J .Xy.-.y.y V-"rtV.,- ,V,,-,vaayJJvJ.O. "i ' v y - - Jij AT LOS ANGELES r A' We Have an Assortment of Portland Man Advocates Use of Escrow Departments of Title y- Companies in Closing Sales. A -K1.. 1.. .ill, ji. POPULAR iyrf-fs: P-rf. -R 'fef - f ' V-' " VPr " 1. Sjkrsr -X.- ' rfi " ?? y?- s -irl a By Paul Murphy On a recent visit to Los Angeles, Cat, .the writer wan impressed with th fact that a large majority of real estate transfers were made through the escrow depai tmenta of the title companies fn that city, and Itf conversation with both buyers and sellers I found that this method of j. closing a real estate deal was giving universal satisfaction and making new friends every day. One dealer remarked that when closing a deal In escrow for the first time he was surprised at the ease and simplicity with which it was done and the small amount of complica tion, and never again does he try to close one alibis desk when it can be avoided. Escrow departments are conducted by reputable title companies. They take charge of the details of closing real es tate transactions and to protect the In terest of both buyer and seller by as suming all responsibility for the trans action. The escrow agent's Instructions are given In writing and signed by both parties to the transaction, and should the agent for the property be busy with other transactions it is not necessary that he be present when the tranaao-J tlon la closed. FLAW SIMPLIFIES SEAL When a real estate sale ia made in which the deal ia to be closed In an es crow department, it Is generally made In the following manner : The realtor brings the purchaser and seller ' together and they agree upon prices and terms. The purchaser deposits his money with the escrow scent, tog-ether with, instructions atattng the conditions of his purchase and with Instructions that the escrow agent pay over the money when the title comapny can issue Its title Insur ance policy in its usual form showing the property free from Incumbrances and .difficulties. Usually the time in which all the above Is to be performed Is specified in the instruction. The seller then deposits his deed with written in structions, stating that the deed is to be delivered when the escrow agent re ceives for his account the amount of the agreed purchase price. The instructions -then recite what expenses are to be de ducted from the money and the manner in which the terms of the sale shall be carried out. These instructions usually state that the escrow agent shall pay all outstanding encumbrances, such aa taxes, mortgages, city liens and that he shall deduct the real estate agent's com mission and that the balance shall be paid . over to the seller ' when all the terms and conditions of the sale have been met. . It can readily be seen that the escrow agent whose business It ia to look up titles and who is accustomed to closing sales is better equipped to look out for the Interests Of both parties. How often it la that the purchaser or seller over looks some detail that' later on causes hard feelings or loss of money. He may fall to specify that the tares are to be paid he may overlook the fact that there are city liens, or again he may overlook street Improvements, - and I know it to be a fact that every day there are transactions that the real es tate agent worked hard to make, that fail to close on account of misunder standings that arise from these very things, and for this reason, as stated In the first instance, possibly 90 per cent of the people in Los Angeles when they make a real estate transaction put it through the escrow department and put the responsibility of closing the transac tion up to the escrow agent. BO COSTS ACT REQUIRED It might be well to note for the bene flMf the realtor that it is not necessary to have a contract on the property when the transaction is closed in escrow, as 'the escrow agent's instructions cover the paying of the commission. The realtor can. particularly appreciate this advant age, for after getting his deal into es crow he need give no further thought of It, knowing that the check will be forth coming aa soon aa the papers are flll and title Insurance Is Issued. There Is no way in which the transaction can be taken out of the escrow department M SWT " , i I Iww A w fr La! 1 X 4? 7 - " Trim 3 , ti if x 'py Reimorcoa concrete sirncinre, 50 by 100 fee In dunenBoiis, being; erected for Morris mod T. A. Bin ford at the northeast corner of Ninth and Coach streets. Tho entire building will be used for printing and al lied graphic arts. White exterior walla of reinforced con crete will lend distinction to a three story and basement building under con struction for Morris and T. A. Blnford at the northeast corner of Ninth and Couch streets. The building will oc cupy ground space 50 by 100 feet in area. The first floor and basement will be occupied by the Metropolitan Print ing company and the two upper floors win be leased to firms engaged in busi ness allied to the printing trade. Archi tect's plans for the building were pre pared by F. Manaon White. Another building planned by White will be erected at the northwest corner of East Sixth and Taylor streets for the Utah Investment company. The ex terior wails will be of reinforced con crete with red brick trimming and the interior will be arranged to suit the needs of an automobile garage and sales agency. The building will be two stories in height and 100 by 100 feet in dimen sions. Cost of the Utah Investment com pany's building is estimated at $40,000 and the Binford building is expected to cost approximately 135,000. when once the papers and the money are in the escrow agent's hands, unless it be with the written consent of all the .parties or by the absolute failure of the title. Escrow departments are also used in making loans upon real estate and in thie respect it is a great convenience as well aa a protection. .Practically the same routine Is followed as that in mak ing the sale, the escrow agent at all times standing responsible to the lender and no money can be paid over until the mortgage is executed and the title in surance policy written showing that the title is good and subject only to the lien of the mortgage, the lender being absolutely assured and guaranteed that the forms of mortgage and notes are correct; the escrow agent taking care of fire insurance policies, the recording of mortgages, and carrying out any other instructions that the lender and borrower give at the time the escrow is made. , The agent with whom I discussed this subject told me that In a great many cases In handling and closing his sales In this manner that it ao happened that the buyer and seller never came In con tact with each other. We have a great many splendid workers in the real es tate business, but all realtors realise that ther is not one out of a hundred that is a good closer, and to the agent who does not know how to close his deals, 1 would certainly recommend to him that he put his sales through an escrow department. Mayor of Astoria Selling Homes lor Johnson-Dodson Co. Fred J. Johnson, ex-mayor of Astoria, has Joined the selling force of the Johnson-Dodson company and will have per sonal charge of the sale of residence property in Irvlngton, Laureihurst and Alameda. He is a brother of A. R. John son, head of the realty firm, and has been a resident of Astoria for the past SO years. The acquisition of the latest member of the Johnson-Dodson sUff is a distinct advantage to the city as well as to the realty profession and to the firm which he represents. Johnson's personality won him the mayoralty of Astoria and his business ability won him the reputation of being the best chief executive that city ever had. Besides that, he ts an acknowledged authority on rose cul ture and is a past grand chancellor of the Knights of Pythias. Johnson came to Portland for the purpose of broaden- Ing his field of labor. He has purchased a home in Irvlngton, found a peg for his hat in the company's office and a place to park his Plerce-Arrow within walk ing distance of the Northwestern Bank building. He Is all set for a busy winter. MARKET BILL IS GIVEN APPROVAL Chester A. Fuller, President of the Title Men's State Associa tion, Urges Aid to Act Chester A. Fuller, president of the Oregon r ssoclation of title men, and a prominent member of the Portland Realty board, is out boosting for the state market commission bill. "The prosperity which would come to Or egon through the passage of this act makes It a measure deserving of the utmost consideration by busi nes s men, tradesmen and farmers alike." said Fuller. "Considering the spirit of unrest prev alent among the producers and their constant seeking for aid from political organizations, it behooves the business men of the country to devote consider able time to the solution of the farmers' problems. Realty dealers are especially Interested in the benefits which could accrue from the operation of the state market commission. "Cooperative marketing such as will be fostered by the proposed legislation would go a long way toward insuring prosperity to the farmers of Oregon. Ag riculture is the basic Industry of the state and when the farmer is prosper ous the material well being of all classes of citizens Is enhanced.' Coos Iiand Reclaimed Marshfield, Oct. 30. Impetus has been given the back-to-the-land movement in Coos county through completion of the reclamation of the Adelsperger and Con rad tract at the confluence of Coos river and Catching inlet. This will add at least 20 per cent to' the tillable bottom lands tributary to Coos Bay. These lands have lain unproductive since the coming of the white man, but will now be transformed into two score or more dairy farms. Auto Mishap Leads To Farm Purchase Canby, Oct 80. A minor accident to an automobile led to the sale of the Clarence Becke homestead near Aurora to William Jeskey of Auburn, CaL, for a consideration of $24,000. Jeskey re cently started on an automobile tour of the Willamette valley in search of a farm better suited to bis needs than his ranch in California. His machine be came stalled near Canby and It was necessary- to wait several days -.for- "re pairs. Jeskey spent the-time with an agent of the Sandsness Realty company looking over farms in this vicinity and purchased the Becke 'property, which consists of 160 acres improved with a nine room house, orchard and outbuild ings. Another sale reported by the Sandsness agency is the transfer of the Charles Stevens farm of 76 acres to N. C Smith of Halsey for $12,000. Mrs. M. M. Farnham Leases Clyde Hotel A four year lease .of the Clyde hotel, together with title to the furnishings of the house, was acquired last week by Mrs. M. M. Farnham. late of San Francisco, from Mr. and Mrs. Frank Clark for a consideration of approxi mately $40,000. The Clyde is a four story brick building located on the north side of Stark street between Tenth and Eleventh and contains 96 rooms. The transaction was handled by George T. Moore. Your Future Home "Thc Mill Made Plari of Home Building does away with all worry, all the uncertainty, the delays and the unneces sary expense that is usually associated with the building of a home. l When guilt the Mill Made Way -AlPthe materials that go into your home are supplied direct from our local Ready-Cut House Factory. In (conjunction with our assistance in financing the whole undertaking, you are enabled to build the home you have always wanted with an ease that, has been heretofore im possible. t We Inyitcryou to come to our offices and let us go more thoroughly into the matter with you. i joodYilesonl ' - . I , Designer,' Manufacturers and Builders T . Phone Main 4724 11 e'&ferf?'1 .... t an A ' ma mi in ir mi . -A Fine Home in a- Splendid Location Irvington Don't Yearn for a Home Own One' ,' Set your fancy to picturing the deTight of being1 'the possessor of one of the beautiful homes recently completed by the Title and Trust Company at East 8th street, ..between Klickitat and Fremont. Con taining every convenience andi1uxury that could be thought of elegant, sunny, spacious room$ -well warmed, they are planned for men and women and children to live in people who enjoy the better things of life. The quality of the houses and their splendid location make them more valuable than many other houses of greater cost in less desir able sections of the city. To defer purchasing with the idea that prices may come down later may deprive you of the very home you wish for and force the purchase of a less desirable home in a less7 desirable location at greater cost. After the election the pendulum of brisk business will start swinging forward again, and the present shortage of houses will be still more acute. QUAUTY tnd LOCATION these are the things you want in YOUR home. Choose yours today f 10,000. Terms. -Title and Trust Company- J 57 WMM' Yrf With Deep Collars of Australian Opossum, Raccoon if 36 Inches Long and Completely Litied With Beautiful Silks in Lovely Patterns TWO MONTHS AGO WE WOULD HAVE SOLD THEM FOR $9950 TODAY THEY ARE 71 The silk plush in these coats is of the very highest quality manufactured.' The silk" linings are as beautiful as those found in the most expensive of fur coats. The collars are of selected skins of superior quality. They were fashioned for this winter's selling at $99.50. The sudden drop in market prices made it possible for us to buy them for so much less that we can give them to you for this truly wonderful price. As the assortment is limited in number you should seize the earliest opportunity to come to this store gn Monday. THE CITY HOLDS NO BIGGER VALUES TT Of Serge, Tricotine, JLyiVIlOOJIO Wool Jersev and Satin .95 1 his is a very good assortment of street, office and afternoon dresses, (ft The styles are new but not elaborate as the highest quality has gone O into the material used and the workmanship of these dresses. The many different kisds of materials shown give you an extensive choice and you are certain of finding just the frock you want in any shade you desire. SPECIALLY REDUCED TO 13 . Sale of Dress Goods At Pre-War Prices . Sale Starts Monday Morning at 9:15 S6-1nch FRENCH SERGE, IMPERIAL SERGE. STORM SERGE, GRAN 1TE -CIjOTH. ARMURE CLOTH in a full assortment of colors; a splen did collection of standard materials that are grouped and on display at the very special price of 95 yard. 27-tnch messaline In shades of green, blue, gray and sand at Sl.OO yard. 50-inch storm serge In a good range of colors for sale at only $1.95 yard. 3-tnch kimono silks In many different colors and patterns at $1.19 yard. 3-lnch silk poplins, a splendid value at 98 yard. 36-Inch all-wool navy blue serge In a good heavy quality at 91.95 yard. 55- lnch black Gros de Lgndre silk, an excellent value at 81.95 yrd. 36-inch taffeta and messaline m mostly light colors at $1.69 yard. 62-inch plush in brown, gray, navy and new blue at $5.75 yard. 56- lnch chiffon broadcloth In shades of plum. Burgundy and green at S3.95 yard. 60-inch navy mohair coafani-s bought to sell for a much higher price at S3.50 yard. ALSO 38-inch percales In plaids, stripes and checks at 25 yard. 27-inch dress ginghams in bright plaids and checks at 29? yard. Underwear & Hosiery Girls' fleeced cotton union suits with high neck, long sleeves or low 'tieck and short sleeve ; sises 2 to 4 years, Sl.OOU 8 t0 10 years, 91.251 12 to l years, 1.50. Boys' fleeced union suits with long sleeves and ankle length sises, 6 to S years, at S 1.2 5 1 10 to 12 years at Sl.KOl It to 16 years at S 1.75. Boys' wool mixed union1 suits, sises C to IS years, at SI. 98. Children's wool mixed tin Ion suits In gray and white, sises 2 to 10 y&rs .at f 2.50l l7to 1 years at f 2.75. WoAMn's heavy wool mixed vests and pants In gray, sises 86 to 40, at 92.251 42 to 46 at S2.50. Women's fleeced cotton union suits made In two styles, sixes, 34 to 3t. at 91.891 40 to 44 at f 2.10. Children's fine ribbed stockings in black only, sixes 6 to 0, at 394 1 Z pairs for 7K. Children's stockings in black, brown: sizes 6 to 9. at 45) pair. Boys' heavy ribbed stockings with elastic leg, sixes 6 to llVi, at 50 pair. . Women's fleeced lined hose with hem or rib top, seamless foot, in black, sises m to 10. at 604 pair., or 2 pairs for 91.15. Women's heather sport hose in cordovan and green aud cordovan and gold, sixes t to 10. at f 1.95 pair. Women's fancy heather-hose In blue, orange and brown, sixes IV to 10. at 93.25 pair. ' hihz hpnts- Sbcffon Sensible Clothes For Your Baby Coats Children's white corduroy coats of a fine OA QC quality of material and well made at JVi7eJ Wide wale corduroy coats in white and 3" A C A rose shades, very attractive, at tDxVetll Infants' white cashmere coats, beauti, dP7 QCT' fully embroidered, in sizes 1 to 3 years V ' evil CAMISOLES $1.75 An assortment of messaline camisoles made in sllpon style with doable elastic at the top nd waist. They come In shades of navy, brown, white and flesh and ire in extra good value it this price. BRASSIERES 49c Brassieres in flesh colored mesh, made in back fastening style with stay and elastic at the back. SLIPON SWEATERS $3.95 Women's wxo! sllpon sweaters in all 'colors and knit in several different itylesj valijes up "to 1.9$ in this lot.' ' Splendid Blanket Values Winter weight blankets. 46x72 Inches, at 91.95. Splendidly made blankets, 64x74 inches, at 92.69. Warm winter weight blankets. 60x76 Inches, at 93.48. Blankets-In warm -weight, finished with borders, 4x76 Inches, at 93.75. " Heavy weight blankets. 72x80 Inches, at 94.95. . , Double blankets. 64x76 Inches, very fine at 94.95, Double, wool finish blankets, 66x80 inches, at .50. Double, wool finish blankets, 66x80 Inches, at 97. 60. All -woo I blankets ranging in price from 912. 50 to 929.50. Ovting flannel? 27 Inches wide. In white only, at 25 yard. Outing flannel. In white only, 36 Inches wide, at 35 yard. Tard-wlde outing flannel in fancy colors at 60 yard. Buck towels In white, and whit with red borders, at 19 each. Tit e' .Store Tha tSa VE$)t)U Money COVfSS 91.49 Infants' good quality outing flannel gowns, am ply cut and warm for whiter flights. BOOTEES 39? A good assort ment or infants wool knit bootees in whit with pinkv and blue borders. M1TTEX8 KO TO 65 lAia Llttl wool knit mittens, for baby's winter outdoor outfit. 84CQUE8 91.98 TO 93.25 These little wool knit aacques -are made by - haiid andare trimmed with touches Of wool embroidery in blue and pink. ? ' ICOOIX68 91.RO Infants wool knit leggings in white only. , ; f Jffm&WASffmuNSrs HENRY Jj DFTTER. MGR. i Mail Orders Given Prompt and Careful Attention i T"