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HomeMy WebLinkAbout7 Title CommitmentThis page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II- Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 1 COMMITMENT FOR TITLE INSURANCE Issued by as agent for Chicago Title Insurance Company SCHEDULE A Reference: Commitment Number: 0705666-C 1.Effective Date: July 29, 2018, 7:00 am Issue Date: August 10, 2018 2.Policy (or Policies) to be issued: ALTA Owner's Policy (6-17-06)Policy Amount: $5,450,000.00 Premium: $9,568.00 Proposed Insured: Kirk Gentle and Meg Gentle 3.The estate or interest in the land described or referred to in this Commitment is Fee Simple. 4.The Title is, at the Commitment Date, vested in: Heirs and Devisees of Norma Jane McClain 5.The land referred to in this Commitment is described as follows: FOR LEGAL DESCRIPTION SEE SCHEDULE A CONTINUED ON NEXT PAGE Countersigned The Title Company of the Rockies By: Exhibit 7 Commitment No: 0705666-C This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I -Requirements; and Schedule B, Part II- Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule A Page 2 LEGAL DESCRIPTION The Land referred to herein is located in the County of Pitkin, State of Colorado, and described as follows: Lot 11, CALDERWOOD SUBDIVISION, according to the Plat thereof filed December 29, 1961, in Plat Book 2, at Page 264. Commitment No: 0705666-C This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II- Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part II Page 3 COMMITMENT FOR TITLE INSURANCE Issued by Chicago Title Insurance Company SCHEDULE B, PART I Requirements All of the following Requirements must be met: 1. The Proposed Insured must notify the Company in writing of the name of any party not referred to in this Commitment who will obtain an interest in the Land or who will make a loan on the Land. The Company may then make additional Requirements or Exceptions. 2. Pay the agreed amount for the estate or interest to be insured. 3. Pay the premiums, fees, and charges for the Policy to the Company. 4. Documents satisfactory to the Company that convey the Title or create the Mortgage to be insured, or both, must be properly authorized, executed, delivered, and recorded in the Public Records. 5. Evidence of proper legal proceedings approved by the Company or its duly authorized agent, disposing of the interest of Norma Jane McClain, deceased, and vesting title in Gaines Wehrle. NOTE: Inasmuch as documents from the Estate of the decedent have not been recorded, and as the Company or its duly authorized agent has not been advised as to the status of the Estate proceedings, if any, specific requirements cannot be made. 6. Evidence satisfactory to the Company or its duly authorized agent that all dues and/or assessments levied by the Homeowners Association have been paid through the date of closing. 7. Evidence satisfactory to the Company or its duly authorized agent either (a) that the "real estate transfer taxes" imposed by Ordinance No. 20 (Series of 1979), and by Ordinance No. 13, (Series of 1990), of the City of Aspen, Colorado have been paid, and that the liens imposed thereby have been fully satisfied, or (b) that Certificates of Exemption have been issued pursuant to the provisions thereof. 8. Deed from Heirs and Devisees of Norma Jane McClain, deceased to Kirk Gentle and Meg Gentle. NOTE: Duly executed real property transfer declaration, executed by either the Grantor or Grantee, to accompany the Deed mentioned above, pursuant to Article 14 of House Bill No. 1288-CORA 39-14-102. Commitment No: 0705666-C This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II- Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part II Page 4 The Owner's Policy, when issued, will not contain Exceptions No. 1, 2, 3 and 4 provided that: (A) The enclosed form, of indemnity agreement or final affidavit and agreement is properly executed and acknowledged by the party(ies) indicated and returned to the Company or its duly authorized agent, and (B) The applicable scheduled charges in the amount of $65.00, are paid to the Company or its duly authorized agent. EXCEPTION NO. 5 UNDER SCHEDULE B, SECTION 2 OF THIS COMMITMENT WILL NOT APPEAR IN THE POLICY OR POLICIES TO BE ISSUED PURSUANT HERETO, PROVIDED THAT (A) THE DOCUMENTS CONTEMPLATED BY THE REQUIREMENTS SET FORTH IN SCHEDULE B, SECTION 1 OF THIS COMMITMENT ARE SUBMITTED TO AND APPROVED AND RECORDED BY THE COMPANY OR ITS DULY AUTHORIZED AGENT, AND (B) AN EXAMINATION OF THE RECORDS IN THE OFFICE OF THE CLERK AND RECORDER FOR PITKIN COUNTY, COLORADO BY THE COMPANY OR ITS DULY AUTHORIZED AGENT DISCLOSES THAT NO DEFECTS, LIENS, ENCUMBRANCES, ADVERSE CLAIMS OR OTHER MATTERS HAVE BEEN RECORDED IN SUCH RECORDS SUBSEQUENT TO THE EFFECTIVE DATE HEREOF. SCHEDULE B, PART II Exceptions THIS COMMITMENT DOES NOT REPUBLISH ANY COVENANT, CONDITION, RESTRICTION, OR LIMITATION CONTAINED IN ANY DOCUMENT REFERRED TO IN THIS COMMITMENT TO THE EXTENT THAT THE SPECIFIC COVENANT, CONDITION, RESTRICTION, OR LIMITATION VIOLATES STATE OR FEDERAL LAW BASED ON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, GENDER IDENTITY, HANDICAP, FAMILIAL STATUS, OR NATIONAL ORIGIN. Schedule B of the policy or policies to be issued will contain exceptions to the following matters unless the same are disposed of to the satisfaction of the Company. Any loss or damage, including attorney fees, by reason of the matters shown below: 1. Any facts, right, interests, or claims which are not shown by the Public Records but which could be ascertained by an inspection of said Land or by making inquiry of persons in possession thereof. 2. Easements or claims of easements, not shown by the Public Records. Commitment No: 0705666-C This page is only a part of a 2016 ALTA® Commitment for Title Insurance issued by Chicago Title Insurance Company. This Commitment is not valid without the Notice; the Commitment to Issue Policy; the Commitment Conditions; Schedule A; Schedule B, Part I-Requirements; and Schedule B, Part II- Exceptions. Copyright 2006-2016 American Land Title Association. All rights reserved. The use of this Form (or any derivative thereof) is restricted to ALTA licensees and ALTA members in good standing as of the date of use. All other uses are prohibited. Reprinted under license from the American Land Title Association. Commitment for Title Insurance (8-1-2016) Technical Correction 4-2-2018 Schedule B - Part II Page 5 3. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land. 4. Any lien, or right to a lien for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the Public Records. 5. Defects, liens, encumbrances, adverse claims or other matters, if any created, first appearing in the Public Records or attaching subsequent to the effective date hereof, but prior to the date of the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. 6. (a) Taxes or assessments that are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the Public Records; (b) proceedings by a public agency that may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records. 7. Right of way for ditches or canals constructed by the authority of the United States, as reserved in United States Patent recorded in Book 175 at Page 299 and Book 185 at Page 69. 8. Easements for underground power distribution system as shown on Map recorded in Ditch Book 2A at Page 285 and easements, rights of way, stipulation and reservations as conveyed in deed recorded August 30, 1963, in Book 203 at Page 479, in connection with above referenced Map. 9. Restrictions, which do not contain a forfeiture or reverter clause, as contained in instrument recorded August 2, 1962, in Book 198 at Page 436, as amended by instrument recorded December 17, 1962, in Book 200 at Page 263. 10. Restrictions, which do not contain a forfeiture or reverter clause, as contained in instrument recorded February 21, 1963, in Book 201 at Page 239, First Supplement recorded January 10, 2011, at Reception No. 576625 and Second Supplement recorded November 27, 2013, at Reception No. 605972. 11. Easements, rights-of-way and all other matters as shown on the Plat of Calderwood Subdivision filed December 29, 1961, in Plat Book 2 at Page 264. Commitment No: 0705666-C Page 6 Commitment No. 0705666-C Disclosure Statements DISCLOSURE STATEMENTS Note 1: Colorado Division of Insurance Regulations 3-5-1, Paragraph C of Article VII, requires that "Every Title entity shall be responsible for all matters which appear of record prior to the time of recording whenever the Title entity conducts the closing and is responsible for recording or filing of legal documents res ulting from the transaction which was closed.” (Gap Protection) Note 2: Exception No. 4 of Schedule B, Section 2 of this Commitment may be deleted from the Owner's Policy to be issued hereunder upon compliance with the following conditions: A. The Land described in Schedule A of this commitment must be a single-family residence, which includes a condominium or townhouse unit. B. No labor or materials may have been furnished by mechanics or materialmen for purpose of construction on the Land described in Schedule A of this Commitment within the past 13 months. C. The Company must receive an appropriate affidavit indemnifying the Company against unfiled mechanic's and materialmen's li ens. D. Any deviation from conditions A though C above is subject to such additional requirements or Information as the Company may deem necessary, or, at its option, the Company may refuse to delete the exception. E. Payment of the premium for said coverage. Note 3: The following disclosures are hereby made pursuant to §10 -11-122, C.R.S.: (i) The subject real property may be located in a special taxing district; (ii) A certificate of taxes due listing each taxing jurisdiction shall be obtained from the County Treasurer or the County Tr easurer's authorized agent; and (iii) Information regarding special districts and the boundaries of such districts may be obtained from the County Commissioners, the County Clerk and Recorder, or the County Assessor. Note 4: If the sales price of the subject property exceeds $100,000.00, the sell er shall be required to comply with the disclosure or withholding provisions of C.R.S. §39-22-604.5 (Non-resident withholding). Note 5: Pursuant to C.R.S. §10-11-123 Notice is hereby given: (a) If there is recorded evidence that a mineral estate has been severed, leased or otherwise conveyed from the surface estate then there is a substantial likelihood that a third party holds some or all interest in oil, gas, other minerals, or geothermal en ergy in the property, and (b) That such mineral estate may include the right to enter and use the property without the surface owner's permission. Note 6: Effective September 1, 1997, C.R.S. §30 -10-406 requires that all documents received for recording or filing in the clerk and recorder's office shall contain a top margin of at least one inch and a left, right and bottom margin of at least one -half inch the clerk and recorder may refuse to record or file any document that does not conform. Note 7: Our Privacy Policy: We will not reveal nonpublic personal customer information to any external non-affiliated organization unless we have been authorized by the customer, or are required by law. Note 8: Records: Regulation 3-5-1 Section 7 (N) provides that each title entity shall maintain adequate documentation and recor ds sufficient to show compliance with this regulation and Title 10 of the Colorado Revised Statutes for a period of not less than seven (7) years, except as otherwise permitted by law. Note 9: Pursuant Regulation 3-5-1 Section 9 (F) notice is hereby given that “A title entity shall not earn interest on fiduciary funds unless disclosure is made to all necessary parties to a transaction that interest is or has been earned. Said disclosure must offer the opportunity to receive payment of any interest earned on such funds beyond any administrative fees as may be on file with the division. Said disclosure must be clear and conspicuous, and may be made at any time up to and including closing.” Commitment No: 0705666-C Page 7 Be advised that the closing agent will or could charge an Administrative Fee for processing such an additional services request and any resulting payee will also be subjected to a W-9 or other required tax documentation for such purpose(s). Be further advised that, for many transactions, the imposed Administrative Fee associated with such an additional service may exceed any such interest earned. Therefore, you may have the right to some of the interest earned over and above the Administrative Fee, if applicable (e.g., any money over any administrative fees involved in figuring the amounts earned). Note 10: Pursuant to Regulation 3-5-1 Section 9 (G) notice is hereby given that “Until a title entity receives written instructions pertaining to the holding of fiduciary funds, in a form agreeable to the title entity, it shall comply with the following: 1. The title entity shall deposit funds into an escrow, trust, or other fiduciary account and hold them in a fiduciary capaci ty. 2. The title entity shall use any funds designated as “earnest money” for the consummation o f the transaction as evidenced by the contract to buy and sell real estate applicable to said transaction, except as otherwise provided in this section. If the tra nsaction does not close, the title entity shall: a. Release the earnest money funds as directed by written instructions signed by both the buyer and seller; or b. If acceptable written instructions are not received, uncontested funds shall be held by the title entity for 180 days from the scheduled date of closing, after which the title entity shall return said funds to the payor. 3. In the event of any controversy regarding the funds held by the title entity (notwithstanding any termination of the contr act), the title entity shall not be required to take any action unless and until such controver sy is resolved. At its option and discretion, the title entity may: a. Await any proceeding; or b. Interplead all parties and deposit such funds into a court of competent jurisdiction, and recover court costs and reasonab le attorney and legal fees; or c. Deliver written notice to the buyer and seller that unless the title entity receives a copy of a summons and complaint or cla im (between buyer and seller), containing the case number of the lawsuit or lawsuits, within 120 days of the title entity's writ ten notice delivered to the parties, title entity shall return the funds to the depositing party.” Commitment No: 0705666-C Page 8 DISCLOSURE STATEMENT · Pursuant to Section 38-35-125 of Colorado Revised Statutes and Colorado Division of Insurance Regulation 8 -1-2 (Section 5), if the parties to the subject transaction request us to provide escrow-settlement and disbursement services to facilitate the closing of the transaction, then all funds submitted for disbursement must be available for immediate withdrawal. · Colorado Division of Insurance Regulation 8-1-2, Section 5, Paragraph H, requires that "Every title insurance company shall be responsible to the proposed insured(s) subject to the terms and conditions of the title insurance commitment, other than the effective date of the title insurance commitment, for all matters which appear of record prior to the time of recording whenever the title insurance company, or its agent, conducts the closing and settlement service that is in conjunction with its issuance of an o wners policy of title insurance and is responsible for the recording and filing of legal documents resulting from the transaction which was closed". Provided that The Title Company of the Rockies conducts the closing of the insured transaction and is responsible fo r recording the legal documents from the transaction, exception No. 5 in Schedule B -2 will not appear in the Owner's Title Policy and Lender's Title Policy when issued. · Colorado Division of Insurance Regulation 8 -1-2, Paragraph M of Section 5, requires that prospective insured(s) of a single family residence be notified in writing that the standard exception from coverage for unfiled Mechanics or Materialmans Liens may or may not be deleted upon the satisfaction of the requirement(s) pertinent to the transaction. These requirements will be addressed upon receipt of a written request to provide said coverage, or if the Purchase and Sale Agreement/Contract is provided to the Comp any then the necessary requirements will be reflected on the commitment. · Colorado Division of Insurance Regulation 8-1-3, Paragraph C. 11.f. of Section 5 - requires a title insurance company to make the following notice to the consumer: “A closing protection letter is available to be issued to lenders, buyers and sellers” · If the sales price of the subject property exceeds $100,000.00 the seller shall be required to comply with the Disclosure of Withholding Provisions of C.R.S. 39-22-604.5 (Nonresident Withholding). · Section 39-14-102 of Colorado Revised Statutes requires that a Real Property Transfer Declaration accompany any conveyance document presented for recordation in the State of Colorado. Said Declaration shall be completed and signed by either the gra ntor or grantee. · Recording statutes contained in Section 30-10-406(3)(a) of the Colorado Revised Statutes require that all documents received for recording or filing in the clerk and recorder's office shall contain a top margin of at least one inch and a left, right, and bottom margin of at least one-half of an inch. The clerk and recorder may refuse to record or file a document that does not conform to requirements of this paragraph. · Section 38-35-109 (2) of the Colorado Revised Statutes, 1973, requires that a notation of the purchasers legal address, (not necessarily the same as the property address) be included on the face of the deed to be recorded. · Regulations of County Clerk and Recorder's offices require that all documents submitted for recording must contain a return address on the front page of every document being recorded. · Pursuant to Section 10-11-122 of the Colorado Revised Statutes, 1987 the Company is required to disclose the following information: Commitment No: 0705666-C Page 9 o The subject property may be located in a special taxing district. o A Certificate of Taxes Due listing each taxing jurisdiction shall be obtained from the County Treasurer or the County Treasurer's authorized agent. o Information regarding special districts and the boundaries of such districts may be obtained from the Board of County Commissioners, the County Clerk and Recorder or the County Assessor. · Pursuant to Section 10-11-123 of the Colorado Revised Statutes, when it is determined that a mineral estate has been severed from the surface estate, the Company is required to disclose the following information: that there is recorded evidence that a mineral estate has been severed, leased, or otherwise conveyed from the surface estate and that there is a substantial likelihood that a third p arty holds some or all interest in oil, gas, other minerals, or geo thermal energy in the property; and that such mineral estate may include the right to enter and use the property without the surface owner's permission. Note: Notwithstanding anything to the contrary in this Commitment, if the policy to be issued is other than an ALTA Owner's Policy (6/17/06), the policy may not contain an arbitration clause, or the terms of the arbitration clause may be different f rom those set forth in this Commitment. If the policy does contain an arbitration clause, and the Amount of I nsurance is less than the amount, if any, set forth in the arbitration clause, all arbitrable matters shall be arbitrated at the option of either the Company o r the Insured as the exclusive remedy of the parties.