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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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City Clerk
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Agenda Packet
Agency
Clerk of the Council
Item #
23
Date
3/2/2021
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SCONE OF SERVICES AND SCHED_ ULE <br />Chicago Title uses the company owned Property Insight for the Title Plant data and documents <br />and provides title reports in a fully hyperlinked electronic in Word format. Chicago Title also <br />provides litigation guarantees, Chain of Title reports, deed restrictions, liens, and all <br />encumbrances. The Chicago Title Engineer will review all of the legal descriptions for accuracy <br />in the title commitments as compared with the vesting documents. <br />Non-insured Reports/ Informational Title Reports: Preliminary title reports, including new <br />title reports, amendments to existing title reports and copies of underlying exceptions and <br />exclusion documents will be delivered in electronic format with hyperlinked documents. <br />Preliminary reports shall show ownership of specific land parcel along with the current taxes, <br />bonds, liens, judgements, deeds of trust, Mello Roos, CC&R's, mechanic liens, tax liens, <br />easements, deeds and legal descriptions. Plotted easement will be provided as requested. <br />Work Plan: Within 5 to 7 businesses day based on lot & tract legal descriptions <br />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 />Work Plan: 10 business days after closing <br />Litigation Guaranty: Provides assurances concerning (1) a statement of the present condition <br />of record title to the estate or interest which is the subject of the Guarantee, setting forth the <br />record owner and all record defects in or liens or encumbrances on such title; and (2) a listing of <br />all persons who, according to the public records, would be necessary and proper defendants in <br />the action in order to accomplish its intended purpose, as determined by inquiry and discussion <br />with the attorney. The required information needed in preparation and issuance of the litigation <br />guaranty: Liability Amount, Purpose (condemn, foreclose, quiet title, etc.), Name of Insured, <br />Name of Attorney. <br />Work Plan: 7 business day based on lot & tract description <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 />Work Plan: 5 to 7 days based on lot & tract descriptions <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. City of Irvine will have access to Chicago Title Advantage <br />website for obtaining ownership and property data at no cost to the customer at <br />www.chi ca otitleadvanta e.com <br />Work Plan: 24 hours, based on lot & tract legal descriptions <br />
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