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Item 19 - Real Property Acquisition for Warner Avenue Street Improvements
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01/17/2023 Regular & Special SA
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Item 19 - Real Property Acquisition for Warner Avenue Street Improvements
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City Clerk
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Agenda Packet
Agency
Clerk of the Council
Item #
19
Date
1/17/2023
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Pursuant to State Law, prior to the close of escrow, Buyer will provide Escrow Holder with a Preliminary Change of Ownership Repoli. In the <br />event said report is not handed to Escrow Holder for submission to the County in which subject property is located, upon recording of the Grant <br />Deed, Buyers acknowledge that the applicable fee will be assessed by said County and Escrow Holder shall debit the account of Buyer for same at <br />close of escrow. <br />16. NON-RESIDENT ALIEN <br />The Foreign Investment in Real Property Tax Act (FIRPTA), Title 26 U.S.C., Section 1445, and the regulations there under, provide in part, that a <br />transferee (buyer) of a U.S. real property interest from a foreign person must withhold a statutory percentage of the amount realized on the <br />disposition, report the transaction and remit the withholding to the Internal Revenue Service (IRS) within twenty (20) days after the transfer. <br />Fidelity National Title Company will not determine nor aid in the determination of whether the FIRPTA withholding provisions are applicable to <br />the subject transaction, nor act as a Qualified Substitute under state or federal law, nor furnish tax advice to any party to the transaction. Fidelity <br />National Title Company will not determine nor aid in the determination of whether the transaction will qualify for an exception or an exemption <br />and is not responsible for the filing of any tax forms with the IRS as they relate to FIRPTA, nor responsible for collecting and holding of any <br />documentation from the buyer or seller on the buyer's behalf for the purpose of supporting a claim of an exception or exemption. Fidelity National <br />Title Company is not an agent for the buyer for the purposes of receiving and analyzing any evidence or documentation that the seller in the <br />subject transaction is a U.S. citizen or resident alien. Fidelity National Title Company is not responsible for the payment of this tax and/or penalty <br />and/or interest incurred in connection therewith and such taxes are not a matter covered by the Owner's Policy of Title Insurance to be issued to the <br />buyer. Fidelity National Title Company is not responsible for the completion of any IRS documents or related forms related to the referenced <br />statute. The buyer is advised: they must independently make a determination of whether the contemplated transaction is subject to the withholding <br />requirement, bear fill responsibility for compliance with the withholding requirement if applicable and/or for payment of any tax, interest, <br />penalties and/or other expenses that may be due on the subject transaction; and they are responsible for the completion of any and all forms, <br />including but not limited to applicable IRS documentation, and the mailing of those forms. The Buyer is advised any forms, documents, or <br />information received from Fidelity National Title Company is not tax or legal advice and should not be construed as such nor treated as a <br />complete representation of FIRPTA requirements. Buyer should seek outside counsel from a qualified individual to determine any and all <br />implications of the referenced statute. <br />17. ENCUMBRANCES <br />Escrow Holder is to act upon any statements furnished by a lienholder or his agent without liability or responsibility for the accuracy of such <br />statements. Any adjustments necessary because of a discrepancy between the information furnished Escrow Holder and any amount later <br />determined to be correct shall be settled between the parties direct and outside of escrow. <br />You are authorized, without the need for further approval, to debit my account for any fees and charges that l have agreed to pay in connection with <br />this escrow, and for any amounts that I am obligated to pay to the holder of any lien or encumbrance to establish the title as insured by the policy of <br />title insurance called for in these instructions. If for any reason my account is not debited for such amounts at the time of closing, I agree to pay <br />them immediately upon demand, or to reimburse any other person or entity who has paid them. <br />18. ENVIRONMENTAL ISSUES <br />Fidelity National Title Company has made no investigation concerning said property as to environmental/toxic waste issues. Any due diligence <br />required or needed to determine environmental impact as to forms of toxitication, if applicable, will be done directly and by principals outside of <br />escrow. Fidelity National Title Company is released of any responsibility and/or liability in connection therewith. <br />19. USURY <br />Escrow Holder is not to be concerned with any questions of usury in any loan or encumbrance involved in the processing of this escrow and is <br />hereby released of any responsibility or liability therefore. <br />20. DISCLOSURE <br />Escrow Iolder's knowledge of matters affecting the property, provided such facts do not prevent compliance with these instructions, does not <br />create any liability or duty in addition to these instructions. <br />21. FACSIMILE/ELECTRONIC SIGNATURE <br />Escrow Holder is hereby authorized and instructed that, in the event any party utilizes electronic or "facsimile" transmitted signed documents or <br />instructions to Escrow Holder, you are to rely on the same for all escrow instruction purposes and the closing of escrow as if they bore original <br />signatures. "Electronic Signature" means, as applicable, an electronic copy or signature complying with California Law, <br />22. CLARIFICATION OF DUTIES <br />Fidelity National Title Company serves ONLY as an Escrow Holder in connection with these instructions and cannot give legal advice <br />to any party hereto. <br />Escrow Holder is not to be held accountable or liable for the sufficiency or correctness as to form, manner of execution, or validity of any <br />instrument deposited in this escrow, nor as to the identity, authority or rights of any person executing the same. Escrow Holder's duties hereunder <br />shall be limited to the proper handling of such money and the proper safekeeping of such instruments, or other documents received by Escrow <br />Holder, and for the disposition of same in accordance with the written instructions accepted by Escrow Holder. <br />The agency and duties of Escrow Holder commence only upon receipt of copies of these Escrow Instructions executed by all parties. <br />General Provisions Printed: 1/1/0001 12:00 AM by JK <br />E1000076 (DSI Rev. 05/19/17) Page 3 <br />
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