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Item 23 - Real Estate Title and Escrow Services
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03/02/2021 Regular
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Item 23 - Real Estate Title and Escrow Services
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4/10/2024 1:51:18 PM
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8/22/2023 7:48:17 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Clerk of the Council
Item #
23
Date
3/2/2021
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Title Insurance Policy: Insuring ownership of the property, access if the property abuts upon <br />an open, public, dedicated street. That there are no forgeries or failed conveyances in the chain <br />of title. The insured has a marketable interest in the real property and against unrecorded <br />mechanic liens, assessments, encumbrances, encroachments, easements, mining claims, <br />patent reservations, conflicts of boundary lines, shortages in area, access to and from the land <br />and other visible matters. <br />Title Engirteering: Assist in the development of the legal descriptions for the public and private <br />properties, easements, right of ways and other encumbrances. Chicago Title provides mapping <br />and engineering services for plotting of easements, preparation and review of legal descriptions, <br />partial take descriptions, researching boundary and access problems, reviewing AL.TA Survey <br />off record matters, checking parcel maps and track maps for insurability, and providing color <br />coded copies of plotted easements. <br />Escrow Services: <br />When requested, Chicago Title Company will provide escrow services based on instruction from <br />all parties involved, on any title order held by Chicago Title Company. These services will be <br />pursuant to written instructions and will include, but are not limited to, acceptance of documents <br />and funds for use in the respective escrow, disseminating documents for signature from the <br />parties, accepting demands, recording documents, disbursements of funds and furnishing closing <br />statements to seller and the City. <br />Chain of Title: A chronological list of documents comprising of the Record History of Title to a <br />specific parcel of real property. <br />_Customer Service/Online System Access: Provide other related information and documents <br />of record concerning title to properties, such as vesting deeds, parcel maps/tract maps, and any <br />restrictions on land use. Property Profiles — conveyance deeds, ownership and property data <br />and copies of documents at no charge. The City will have access to Chicago Title Advantage <br />website for obtaining ownership and property data at no cost to the customer at <br />www.chicagotitleadvantage.com <br />
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