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HomeMy WebLinkAbout1.11 Elderkin Title CommitmentCOMMITMENT TRANSMITTAL Commitment Ordered By: Other Inquiries should be directed to: Kari Arneson Title Company of the Rockies 111 E. 3rd Street Floor 1, Suite 101 Rifle, CO 81650 Phone: 970-625-5426 Fax: 844-269-2759 Commitment Number: Buyer's Name(s): Seller's Name(s): Property: 1200197 TBD JoAnn M. Elderkin 1513 County Road 250, Silt, CO 81652 91 TR IN THE S1/2SE, Garfield County, CO TBD COPIES / MAILING LIST JoAnn M. Elderkin 1513 County Road 250 Silt, CO 81652 TITLE CHARGES These charges are based on issuance of the policy or policies described in the attached Commitment for Title Insurance, and includes premiums for the proposed coverage amount(s) and endorsement(s) referred to therein, and may also include additional work and/or third party charges related thereto. If applicable, the designation of "Buyer" and "Seller" shown below may be based on traditional settlement practices in Garfield County, Colorado, and/or certain terms of any contract, or other information provided with the Application for Title Insurance. Owner's Policy Premium: Loan Policy Premium: Additional Lender Charge(s): Additional Other Charge(s): Tax Certificate: Total Endorsement Charge(s): TBD Charge(s): $200.00 -TBD TOTAL CHARGES $200.00 COMMITMENT for TITLE INSURANCE issued by TITLE COMPANY of the rockies as agent for WESTCOR LAND TITLE INSURANCE COMPANY Reference: Commitment Ordered By: Other Commitment Number: 1200197 Inquiries should be directed to: Kari Arneson Title Company of the Rockies 111 E. 3rd Street Floor 1, Suite 101 Rifle, CO 81650 Phone: 970-625-5426 Fax: 844-269-2759 email: KArneson@titlecorockies.com Reference Property Address: 1513 County Road 250, Silt, CO 81652 SCHEDULE A 1. Effective Date: October 05, 2015, 7:00 am 2. Policy (or Policies) to be issued: ALTA Owner's Policy (6-17-06) Proposed Insured: To Be Determined Issue Date: October 16, 2015 Policy Amount: Premium: 3. The estate or interest in the Land described or referred to in this Commitment is: Fee Simple and Title to said estate or interest is at the Effective Date vested in: Joann M. Elderkin 4. The Land referred to in this Commitment is located in the County of Garfield, State of Colorado, and is described as follows: FOR LEGAL DESCRIPTION SEE SCHEDULE A CONTINUED ON NEXT PAGE LEGAL DESCRIPTION The Land referred to herein is located in the County of Garfield, State of Colorado, and described as follows: A Parcel of land situated in the S1/2SE1/4 of Section 30, Township 5 South, Range 91 West of the Sixth Principal Meridian, lying Northerly of the Northerly right-of-way fence line of County Road 250, Easterly of the Easterly bank of a drainage gulch, being approximately 40 feet from its centerline and Southwesterly of the Southwesterly toe of slope of the East Lateral of the Farmers Irrigation Company Ditch, said Parcel of land is more fully described as follows: Beginning at a Point in said right of way fence, whence the Southwest Corner of Section 30 bears: South 89°31'36" West 3089.62 feet; (the West Quarter Corner of said Section 30 bears: North 50°04'58" West 4052.10 feet)' thence along said bank North 62°48'18" East 82.36 feet; thence North 07°55'51" East 74.99 feet; thence North 54°13'39" East 185.62 feet; thence North 46°47'37" East 105.39 feet; thence North 17°03'41" East 81.07 feet; thence North 50°08'00" East 128.16 feet; thence North 27°37'49" East 116.00 feet; thence North 46°15'00" East 129.86 feet; thence North 38°48'51" East 96.03 feet to a point in a corral fence; thence leaving said bank North 69°50'27" West 20.91 feet along said conal fence; thence North 50°08'15" West 27.32 feet along said corral fence; thence North 23°06'42" East 50.86 feet along said corral fence; thence North 24°58'24" East 20.16 feet along said corral fence; thence North 32°16'49" East 19.81 feet along said corral fence; thence North 44°54'23" East 16.54 feet along said corral fence; thence North 55°43'28" East 84.79 feet along said corral fence; thence South 52°00'13" East 12.94 feet along said conal fence; thence South 37°40'29" East 25.21 feet along said corral fence; thence South 23°55'04" East 24.80 feet along said corral fence; thence South 14°10'32" East along said corral fence, 30.20 feet to a point in a fence as now constructed and in place; thence South 87°33'58" East 51.40 feet along said fence; thence North 44°56'04" East 18.60 feet along said fence; thence South 83°24'22" East along said fence, 62.66 feet to a cedar tree; being a point at the toe of slope of said ditch; thence along said toe of slope, South 07°45'51" East 92.18 feet to a pine tree; thence South 39°24'16" East 37.78 feet; thence South 55°28'56" East 39.59 feet; thence South 54°38'22" East 68.59 feet; thence South 74°59"09" East 71.67 feet; thence South 64°24'36" East 37.14 feet; thence South 41°01'48" East 109.60 feet; thence South 64°57'10" East 64.4 feet; thence South 57°17'10" East 186.14 feet; thence South 29°03'51" East 42.40 feet; thence South 04°46'48" West 145.92 feet; thence South 18°37'41" East 41.37 feet; thence South 41°10'04" East 118.47 feet; thence South 40°02'38" East 77.51 feet; thence South 38°42'58" East 19.58 feet to a point in said right of way fence; thence leaving said toe of slope North 89°51'20" West along said right of way fence, 1567.73 feet to the Point of Beginning. County of Garfield, State of Colorado Commitment No. 1200197 Schedule B -I Requirements COMMITMENT FOR TITLE INSURANCE SCHEDULE B - SECTION I REQUIREMENTS THE FOLLOWING ARE THE REQUIREMENTS TO BE COMPLIED WITH: Item (a) Payment to or for the account of the grantors or mortgagors of the full consideration for the estate or interest to be insured. Item (b) Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for record, to wit: FOR INFORMATIONAL PURPOSES ONLY, NO POLICIES WILL BE ISSUED HEREUNDER. Alta Commitment - 2006 Schedule B -I Requirements Commitment No. 1200197 Schedule B -II Exceptions COMMITMENT FOR TITLE INSURANCE SCHEDULE B - SECTION II EXCEPTIONS 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. 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. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) Minerals of whatsoever kind, subsurface and surface substances, in, on, under and that may be produced from the Land, together with all rights, privileges, and immunities relating thereto, whether or not the matters excepted under (a), (b) or (c) are shown by the Public Records or listed in Schedule B. 8. Water rights, claims or title to water. 9. Any and all unpaid taxes and assessments and any unredeemed tax sales. 10. The effect of inclusions in any general or specific water conservancy, fire protection, soil conservation or other district or inclusion in any water service or street improvement area. 11. Right of the proprietor of a vein or lode to extract and remove his ore therefrom, should the same be found to penetrate or intersect the premises, and right of way for ditches or canals constructed by the authority of the United States, as reserved in United States Patent recorded January 22, 1896 as Reception No. 19025. 12. Board of County Commissioner of Garfield County, Colorado, Resolution No. 79-163 recorded December 27, 1979 as Reception No. 300545. 13. Easement for ditch purposes as reserved in Deed recorded January 7, 1981 as Reception No. 310874. Alta Commitment - 2006 Schedule B -II Exceptions Commitment No. 1200197 Schedule B -II Exceptions (continued) 14. One-half of all minerals and mineral rights as reserved in Deed recorded January 7, 1981 as Reception No. 310874. 15. Oil and Gas Lease recorded December 13, 1985 as Reception No. 367317, and any and all assignments thereto of interests therein or amendments. 16. Easement granted unto US West Communications, Inc., a Colorado corporation recorded March 10, 1995 as Reception No. 475386. 17. Agreement for Easement recorded June 3, 1994 as Reception No. 464082. Alta Commitment - 2006 Schedule B -II Exceptions (continued) Commitment No. 1200197 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 resulting 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 liens. 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 Treasurer'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 seller 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 energy 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 records 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 Disclosure Statements "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." 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 capacity. 2. The title entity shall use any funds designated as "earnest money" for the consummation of 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 transaction 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 contract), the title entity shall not be required to take any action unless and until such controversy 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 reasonable 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 claim (between buyer and seller), containing the case number of the lawsuit or lawsuits, within 120 days of the title entity's written notice delivered to the parties, title entity shall return the funds to the depositing party."