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Newspaper
Port Isabel Press
Location
Port Isabel, Texas, United States of America
Date
Nov 01, 1973
Page
4
The Consumer Alert explains that with the credit crunch and higher down payments, some buyers may pursue a contract for sale to gain home ownership. It defines this executory contract for conveyance of real property as an agreement where an owner agrees to transfer a house and lot after meeting set terms and a price is set.
Southmost College’s Applied Arts division reports more than 2,000 men trained in welding over two years. The latest group of 12 received completion certificates on Friday October 19 with many already employed, and 60 more students are currently enrolled. Marathon LeTourneau Marine Division at Port Brownsville is the largest local employer of these graduates.
Joseph Goette enjoyed a swimming party at the Queen Isabel Inn on Tuesday September 18 for his eleventh birthday. A Port Isabel man, Juan G Tamayo, was treated at Mercy Hospital after a rattlesnake bite while rabbit hunting near Port Isabel on Saturday December 25.
The Attorney General notes buyers often focus on monthly payments, ignoring total cost and duration. An example from South Texas shows a 1968 contract for a $6,350 house with $500 down and $45 monthly at 8 percent, which would take over 30 years to finish. Taxes and insurance reduce principal payments, delaying ownership and risking immediate repossession if a payment is late. The Texas Legislature later required notice before repossession, varying by percent paid: 15 days for under 10 percent, 30 days for 10–19 percent, and 60 days for 20 percent or more.
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