Item 23 - Real Estate Title and Escrow Services

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■ Escrow services: Issue either CLTA or ALTA extended -coverage owner CLTA 100 Comprehensive CLTA 103.1A Encroachment Coverage CLTA 103.4 Access through an easement CLTA 103.7 Access CLTA 110.1 Deletion of item from policy CLTA 116 Location CLTA 116.1 Survey CLTA 116.4 Contiguity CLTA 116.7 subdivision CLTA 123.3 Zoning ■ Assist the City in determining the appropriate amount of title insurance coverage for each property or portfolio (or portion thereof) whether acquired by purchase or without financial consideration and taking into account valuation as determined by appraisal, or by opinion of value from a commercial real estate company. ■ Provide all necessary assistance to the City to clear all exceptions stated in the Preliminary Title report unless waived by the City in writing. ■ Obtain partial release, partial re -conveyance and subordination agreements from the property owners or any party having interest in the property. ■ Ensure that all conditions present and conditions subsequent provide for in the Purchase Agreement are met and satisfied prior to closing escrow. ■ Prepare, subject to review and approval by the City, Escrow Instructions for execution by the City and grantor(s). Proposer shall ensure all legal requirements are satisfied prior to escrow closing. ■ Provide a comprehensive Escrow Services to the City and owners involved in the related transactions. ■ Prepare all necessary conveyance documents; demand and release of lien/encumbrance documents and submit the same for approval by the City prior to close of escrow. ■ Record grant deeds, certificates of acceptance. Memoranda of agreements and related documents required with respect to the transfer of each property in the office of Orange County Recorder. ■ Distribute to the parties originals or copies of executed and/or closing documents ■ Disburse to the party or parties entitled hereto amounts required to be disbursed in connection with the closing of each property transfer transaction. ■ Prepare closing settlement statements reflecting pro -rations and funds disbursed through escrow in each property transfer transaction. ■ Provide additional services related to title, escrow and related services specified above, at hourly rates, the scope of which will be agreed to in writing between the City & Proposer. ■ Meet and coordinate work with other right-of-way consultants as directed by the City. ■ Prior to closing escrow, Proposer shall order and provide the City with an updated Preliminary Title report to ensure that no new liens and/or encumbrances are recorded on the property/property interests to be acquired by the City. ■ Provide multi lingual services as needed for efficient closing of escrow. ■ Company shall at no cost to the City provide status reports of the requested services on a weekly, bi-weekly, or monthly basis at City's option. City of Santa Ana RFP 20-123 Page Al-2