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| Spretpapeaarimeifs ong eth 0 etnit -- | if Buying New Home If you are piesently thinking of buying a home or, even if you have just recently bought a house, you may' find yourself in a quandary iri understanding many of the terms involved in completing the purchase. Certainly, it 'helps if you know the language when you become involved in bu ying a home. Here are some of the common terms encountered :and an explana- tion of what tiey mean: MORTGAGE: A mortgage is actually a promise to 1epay a loan, and stipulates that a property will be forfeited 'in the event of non- payment as promised. Failure to pay the debt need not mean youl automatically lose your house, however. If you run into tempcrary financial diffi-| culty, the first thing you shoul do is get in touch with your) lender and? explain your situa-| tion. In mast cases, particularly if your mortgage is guaranteed under the !Vational Housing Act, they will ¢lo their best to help) you throwg:h your difficulties. your house, and has not receiv- ed payment. A lien must be properly filed by the claimant, and has a limited life prescribed by statute which varies from Serious _ financial of gracw: has expired. The laiws are designed to pro- tect botfh the lender and the bor- rower. 'Reputable mortgage lenders; are not anxious to fore- close. LIEN: A Hen is similar to a mort- gage, in the sense that it is a money- claim against a property. A lien, might be filed by a sup- plier or sub-contractor who has proviched materials or labor for Will X-ray The Pyramids CATRO (Reuters) -- A novel plan 'to x-ray the great pyra-| mids: of Gizeh is being worked out Jmere. Experts believe that these huge, monuments may still con- |cost of services such as water, |sewer and roads is included in |the purchase price, of if. you'll be required to pay additional local improvement taxes over a period of years. DEED OF CONVEYANCE: This is the document which names you as owner of the property which you are purchas- ling. It is your responsibility, or {your lawyer's, to register this document. Although the proce- dure for obtaining a clear title to the land is practically the same in all provinces, there are some variations in the laws re- garding ownership. Your lawyer can advise you on the technical- ities of this matter, OPTION: This is a document stipulat- |ing that, for a consideration, you jare to be given first chance of | buying a property within a spe- cified time. If you don't buy, ceal some secret burial treas-|you lose your deposit. ures, hidden craftily from the) 7oNnING: avaricious eyes of tomb robbers some 5,000 years ago. | A {special committee was set up it: Cairo to work out details of the plan. The idea was suggested by a leadjing physicist, Dr. Luis Al- varez of Berkeley, Calif. He said concealed cavities in the blociks of sandstone which make up the pyramids can be de- tectied if the tombs are sub- Zoning is the method by which municipalities regulate the use of property. It may divide a community into sections, and specify which type of construc- tion is permitted in each. Kept within reasonable limits, zoning helps preserve property values. Every purchaser of a home should examine the existing and proposed zoning regulations be- fore he agrees to purchase. jected to cosmic ray readings. The intention is to take meas- urinig equipment beneath the pyz'amids, along known tunnels,' to «determine the intensity of the) cowmic rays coming from the) atmosphere and through the| stone, in each part of the tomb.) the present known odio by willl be taken into consideration, and scientists should be able to! detect hidden ones when read- injzs show stronger intensity of cosmic rays. The equipment needed to ctirry out the work will cost an eritimated $200,000. | SLIP | COVERS Custom-Made Howard 's DRAPERIES 926 Simeoe St. N. 725-3144 comesinH Ciltone|Paint-- OF FRESH COLORS that stay color fresh UNDREDS . amma ttelils ath cette an tatalied he wy ea beniairowgtow zee aaa, SAA inneleeiinse nbeignii'.sag sartiiitet AE th gig a ips ypc i 8 province to province. If the lien| holder does take action within the prescribed time, the home-| . owner may be obliged to pay the amount claimed by the lien } holder, or, alternatively, the lien holder might force a sale of the house to liquidate the debt. The home owner's protection against this sort of difficulty, of course, is; (1) deal with a reputable builder; and (2) con- sult your lawyer from the begin- ning of your plans to purchase. AN ACCEPTED |OFFER TO PURCHASE: This is a written contract |which states that the owner a| a8rees to sell, and the buyer agrees to buy. , It binds both parties to stated terms and conditions. It should include all necessary de- » scriptions; escape clauses for both parties -- particularly in regard to possible title defects; |the purchase price and terms of . x problems| ,ayment; the dates on which the may make: it advisable for you) Gea) is to be closed, and when to dispose: of your house by sale) ,<cocsion will be given. If a if you cinot maintain the pay-| penalty clause for delays beyond| ments. Jin this event, you Will/ the possession date is included, probably: realize some return), »remium payment clause for from your equity. In any Case,| nossession in advance of the foreclosw:re can only take place) promised date should also be in- after swgitable legal steps are} cinded, taken and any applicable period You should note whether the ' i RESIDENTIA fi COMMERCIA gh 3 _ Eek el 5 Nan page ad le pti a is Cd THE OSHAWA TIMES, Friday, September 24, 1965 SA IN THE CONSTRUCTION FIELD... Building Associates (Model Home) Stevenson Rd. N., Oshawa The 'Viscount' 300 Grenfell St., Oshawe PASECEC OPE Te ER OEE ED ee erers peered? Peiz POE PERSS HOSS HE PSEPESE ESSERE TOG PEE CES EES tod 4 SOs CEG SER EO marvelous selection of fresh new colors that stay color fresh washing after washing. 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