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HomeMy WebLinkAbout03.0 Title CommitmentTITLE COMPANY of the rockies 111 E. 3rd Street Floor 1, Suite 101 Rifle, CO 81650 Phone: 970-625-5426 Fax: 844-269-2759 www.titlecorockies.com 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 email: KArneson@titlecorockies.com Commitment Number: 1200495-C4 Buyer's Name(s): A Buyer To Be Determined Seller's Name(s): William W. Wilde and Jayne M. Wilde Property: 363 County Road 251, Rifle, CO 81650 A TR. OF LAND CONT. 11.673 AC. AKA PARCEL C MANGURIAN EXEMPTION., County of Garfield, State of Colorado. 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: $0.00 Loan Policy Premium: $0.00 Additional Lender Charge(s): Additional Other Charge(s): Tax Certificate: $25.00 Total Endorsement Charge(s): TBD Charge(s): $370.00 TOTAL CHARGES: $395.00 Service Beyond Expectation in Colorado for: Eagle, Garfield, Grand, Pitkin and Summit Counties. (Limited Coverage: Jackson, Lake, Park and Routt Counties) Locations I n: Avon/Beaver Creek, Basalt, Breckenridge, Granby, and Winter Park (Closing Services available in Aspen and Glenwood Springs). Land Title Insurance Company 4 WESTCOR ALTA Commitment Form (6-17-06) COMMITMENT FOR TITLE INSURANCE ISSUED BY WESTCOR LAND TITLE INSURANCE COMPANY Westcor Land Title Insurance Company, a California corporation ("Company"), for a valuable consideration, commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the Proposed Insured named in Schedule A , as owner or mortgagee of the estate or interest in the land described or referred to in Schedule A, upon payment of the premiums and charges and compliance with the Requirements; all subject to the provisions of Schedules A and B and to the Conditions of this Commitment. This Commitment shall be effective only when the identity of the Proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A by the Company. All liability and obligation under this Commitment shall cease and terminate six (6) months after the Effective Date or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue the policy or policies is not the fault of the Company. The Company will provide a sample of the policy form upon request. IN WITNESS WHEREOF, WESTCOR LAND TITLE INSURANCE COMPANY has caused its corporate name and seal to be hereunto affixed and by these presents to be signed in facsimile under authority of its by-laws, effective as of the date of Commitment shown in Schedule A. Issued By: TITLE COMPANY of the rockies The Title Company of the Rockies 111 E. 3rd Street, Floor 1, Suite 101 Rifle, CO 81650 Phone: 970-625-5426 WESTCOR TITLE INSURANCE COMPANY HOME OFFICE 201 N. New York Avenue, Suite 200 Winter Park, Florida 32789 Telephone: (407) 629-5842 nk: Pn•ideol A11!!1: CM -2 (ALTA Commitment for Title Insurance (6-17-06) (WLTIC Edition (9/26/07) CONDITIONS 1. The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument. 2. If the proposed Insured has or acquired actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations. 3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and Conditions and Stipulations and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. 4. This Commitment is a contract to issue one or more title insurance policies and is not an abstract of title or a report of the condition of title. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. 5. The policy to be issued contains an arbitration clause. All arbitrable matters when the Amount of Insurance is $2,000,000 or less shall be arbitrated at the option of either the Company or the Insured as the exclusive remedy of the parties. You may review a copy of the arbitration rules at< http://www.alta.org/> Westcor Land Title Insurance Company Joint Notice of Privacy Policy of Westcor Land Title Insurance Company and The Title Company of the Rockies Westcor Land Title Insurance Company ("WLTIC") and The Title Company of the Rockies value their customers and are committed to protecting the privacy of personal information. In keeping with that philosophy, we each have developed a Privacy Policy, set out below, that will endure the continued protection of your nonpublic personal information and inform you about the measures WLTIC and The Title Company of the Rockies take to safeguard that information. This notice is issued jointly as a means of paperwork reduction and is not intended to create a joint privacy policy. Each company's privacy policy is separately instituted, executed, and maintained. Who is Covered We provide our Privacy Policy to each customer when they purchase a WLTIC title insurance policy. Generally, this means that the Privacy Policy is provided to the customer at the closing of the real estate transaction. Information Collected In the normal course of business and to provide the necessary services to our customers, we may obtain nonpublic personal information directly from the customer, from customer -related transactions, or from third parties such as our title insurance agent, lenders, appraisers, surveyors and other similar entities. Access to Information Access to all nonpublic personal information is limited to those employees who have a need to know in order to perform their jobs. These employees include, but are not limited to, those in departments such as closing, legal, underwriting, claims and administration and accounting. Information Sharing Generally, neither WLTIC nor The Title Company of the Rockies shares nonpublic personal information that it collects with anyone other than those individuals necessary needed to complete the real estate settlement services and issue its title insurance policy as requested by the consumer. WLTIC or The Title Company of the Rockies may share nonpublic personal information as permitted by law with entities with whom WLTIC or The Title Company of the Rockies has a joint marketing agreement. Entities with whom WLTIC or The Title Company of the Rockies have a joint marketing agreement have agreed to protect the privacy of our customer's nonpublic personal information by utilizing similar precautions and security measures as WLTIC and The Title Company of the Rockies use to protect this information and to use the information for lawful purposes. WLTIC or The Title Company of the Rockies , however, may share information as required by law in response to a subpoena, to a government regulatory agency or to prevent fraud. Information Security WLTIC and The Title Company of the Rockies, at all times, strive to maintain the confidentiality and integrity of the personal information in its possession and has instituted measures to guard against its unauthorized access. We maintain physical, electronic and procedural safeguards in compliance with federal standards to protect that information. The WLTIC Privacy Policy can be found on WLTIC's website at www.wltic.com 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: 1200495-C4 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: 363 County Road 251, Rifle, CO 81650 1. Effective Date: June 28, 2017, 7:00 am 2. Policy (or Policies) to be issued: ALTA Owner's Policy (6-17-06) SCHEDULE A Issue Date: July 07, 2017 Policy Amount: Amount to be Determined Premium: Amount to be Determined Proposed Insured: A Buyer To Be Determined 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: William W. Wilde and Jayne M. Wilde 4. The Land referred to in this Commitment is located in the County ofGarfield, State of Colorado, and is described as follows: FOR LEGAL DESCRIPTION SEE SCHEDULE A CONTINUED ON NEXT PAGE Alta Commitment - 2006 Schedule A LEGAL DESCRIPTION The Land referred to herein is located in the County of Garfield, State of Colorado, and described as follows: A tract of land situate in the SE1/4 of the SW1/4 of Section 19, Township 5 South, Range 92 West of the 6th Principal Meridian being more particularly described as follows: Beginning at the South 1/4 corner of said Section 19: thence N. 00°1T16" W. 60.00 feet; thence N. 89°5T57" W. 46.26 feet to the True Point of Beginning, a point on the North right-of-way line of County Road No. 251: thence N. 89°55'09' W. 941.38 feet along said North right-of-way line to the southeast corner of a tract of land described in Book 750 at Page 792 of the records of the Clerk and Recorder of Garfield County, Colorado; thence 00°06'40" W. 539.59 feet along the East line of said tract; thence N. 89°57"07' E. 939.57 feet: thence S. 00°18"09" E. 541.71 feet along a fence to the True Point of Beginning. A.K.A. Parcel C, MANGURIAN EXEMPTION PLAT, according to the Plat thereof filed March 21, 1997 at Reception No. 506021. Commitment No. 1200495-C4 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: 1. Deed from William W. Wilde and Jayne M. Wilde to A Buyer To Be Determined. 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 -CRA 39-14-102. THE COMPANY RESERVES THE RIGHT TO CONDUCT AN ADDITIONAL SEARCH OF THE RECORDS IN THE OFFICE OF THE CLERK AND RECORDER FOR GARFIELD COUNTY, COLORADO FOR JUDGMENT LIENS, TAX LIENS OR OTHER SIMILAR OR DISSIMILAR INVOLUNTARY MATTERS AFFECTING THE GRANTEE OR GRANTEES, AND TO MAKE SUCH ADDITIONAL REQUIREMENTS AS IT DEEMS NECESSARY, AFTER THE IDENTITY OF THE GRANTEE OR GRANTEES HAS BEEN DISCLOSED TO THE COMPANY. NOTE: THIS COMMITMENT IS ISSUED UPON THE EXPRESS AGREEMENT AND UNDERSTANDING THAT THE APPLICABLE PREMIUMS, CHARGES AND FEES SHALL BE PAID BY THE APPLICANT IF THE APPLICANT AND/OR ITS DESIGNEE OR NOMINEE CLOSES THE TRANSACTION CONTEMPLATED BY OR OTHERWISE RELIES UPON THE COMMITMENT, ALL IN ACCORDANCE WITH THE RULES AND SCHEDULES OF RATES ON FILE WITH THE COLORADO DEPARTMENT OF INSURANCE. Alta Commitment - 2006 Schedule B -I Requirements Commitment No. 1200495-C4 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, rights, 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. 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 hereby granted, as reserved in United States Patent recorded May 2, 1892 in Book 12 at Page 143. 8. An undivided one-half (1/2) interest in oil, gas and other mineral rights, as reserved by Claude A. George AKA C.A. George in the Deed to R. H. Dicke and Cecil Vernon, recorded December 30, 1957 in Book 306 at Page 205, and any and all assignments thereof or interests therein. 9. An undivided one-fourth (1/4) interest in oil, gas and other mineral rights, as reserved by Carl Tucker and Kathryn M. Tucker in the Deed to WM. Atha Mason and Nata J. Mason, recorded December 23, 1964 in Book 362 at Page 502, and any and all assignments thereof or interests therein. 10. Oil and Gas Lease between Clyde F. George and Walter M. George individually and as trustees of the C.A. George Trust and Edward A. Meany, recorded June 23, 1980 in Book 550 at Page 479 and any and all assignments or interests therein. 11. Oil and Gas Lease between Nata J. Mason and Edward A. Meany, recorded August 14, 1980 in Book 553 at Page 785 and any and all assignments or interests therein. 12. Any and all water and water rights, reservoir and reservoir rights, ditches and ditch rights, and the Alta Commitment - 2006 Schedule B -II Exceptions Commitment No. 1200495-C4 Schedule B -II Exceptions (continued) enlargements and extensions thereof, and all laterals, flumes and headgates used in connection therewith. 13. Terms, agreements, provisions, conditions and obligations as contained in Resolution No. 83-25 recorded January 31, 1983 in Book 619 at Page 465. 14. Terms, agreements, provisions, conditions and obligations as contained in Resolution No. 97-13 recorded March 20, 1997 at Reception No. 505949. 15. Terms, agreements, provisions, conditions and obligations as contained in Well water Community Sharing and Maintenance Agreement recorded April 4, 1997 at Reception No. 506654. 16. Terms, agreements, provisions, conditions and obligations as contained in Memorandum of Water Allotment Contract recorded May 22, 2017 at Reception No. 892654. 17. Terms, agreements, provisions, conditions and obligations as contained in Quit Claim Deed recorded July 6, 2017 at Reception No. 894389. Alta Commitment - 2006 Schedule B -II Exceptions (continued) 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 "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). Disclosure Statements 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." Title Company of the Rockies Disclosures 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 will refuse to record or file any document that does not conform to the requirements of this section. Pursuant to C.R.S. 30-10-406(3)(a). The company will not issue its policy or policies of title insurance contemplated by this commitment until it has been provided a Certificate of Taxes due or other equivalent documentation from the County Treasurer or the County Treasurer's authorized agent: or until the Proposed Insured has notified or instructed the company in writing to the contrary. Pursuant to C.R.S. 10-11-122. No person or entity that provides closing and settlement services for a real estate transaction shall disburse funds as a part of such services until those funds have been received and are available for immediate withdrawals as a matter of right. Pursuant to C.R.S. 38-35-125(2). The Company hereby notifies the proposed buyer in the current transaction that there may be recorded evidence that the mineral estate, or portion thereof, has been severed, leased, or otherwise conveyed from the surface estate. If so, there is a substantial likelihood that a third party holds some or all interest in the oil, gas, other minerals, or geothermal energy in the subject property. Such mineral estate may include the right to enter and use the property without the surface owner's permission. Pursuant to C.R.S. 10-11-123. If this transaction includes a sale of property and the sales price exceeds $100,000.00, the seller must comply with the disclosure/withholding requirements of said section. (Nonresident withholding) Pursuant to C.R.S. 39-22-604.5. Notice is hereby given that: The subject property may be located in a special taxing district. A Certificate of Taxes due listing each taxing jurisdiction shall be obtained from the County Treasurer or the County Treasurer's authorized agent. Information regarding special districts and the boundanes of such districts may be obtained from the Board of County Commissioners, the County Clerk and Recorder, or the County Assessor. Pursuant to C.R.S. 10-11-122. Notice is hereby given that: Pursuant to Colorado Division of Insurance Regulation 8-1-2; "Gap Protection" -When this Company conducts the closing and is responsible for recording or filing the legal documents resulting from the transaction, the Company shall be responsible for all matters which appear on the record prior to such time or recording or filing; and "Mechanic's Lien Protection" - If you are the buyer of a single family residence, you may request mechanic's lien coverage to be issued on your policy of Insurance. If the property being purchased has not been the subject of construction, improvements or repairs in the last six months prior to the date of this commitment, the requirements will be payment of the appropriate premium and the completion of an Affidavit and Indemnity by the seller. If the property being purchased was constructed, improved or repaired within six months prior to the date of this commitment the requirements may involve disclosure of certain financial information, payment of premiums, and indemnity, among others. The general requirements stated above are subject to revision and approval by the Company. Pursuant to C.R.S. 10-11-122. Notice is hereby given that an ALTA Closing Protection Letter is available, upon request, to certain parties to the transaction as noted in the title commitment. Pursuant to Colorado Division of Insurance Regulation 8-1. Nothing herein contained will be deemed to obligate the Company to provide any of the coverages referred to herein unless the above conditions are fully satisfied.