INFORMATION NEEDED FOR ESCROW PROCESSING AND CLOSURE. The Grantee shall provide the following documents to the State Project Representative during the escrow process. Property acquisition escrow documents shall be submitted within the term of this Grant Agreement and after a qualified appraisal has been approved. • Name and Address of Title Company Handling the Escrow • Escrow Number • Name of Escrow Officer • Xxxxxx Officer’s Phone Number • Dollar Amount Needed to Close Escrow • Legal Description of Property Being Acquired • Assessor’s Parcel Number(s) of Property Being Acquired • Copy of Title Insurance Report • Entity Taking Title as Named Insured on Title Insurance Policy • Copy of Escrow Instructions in Draft Form Prior to Recording for Review Purposes • Copy of Final Escrow Instructions • Verification that all Encumbrances (i.e., Liens, Back Taxes, and Similar Obligations) have been Cleared Prior to Recording the Deed to Transfer Title • Copy of Deed for Review Purposes Prior to Recording • Copy of Deed as Recorded in County Recorder’s Office • Copy of Escrow Closure Notice EXHIBIT L
INFORMATION NEEDED FOR ESCROW PROCESSING AND CLOSURE. The Funding Recipient must provide the following documents to the State Project Representative during the escrow process. Property acquisition escrow documents must be submitted within the term of this Funding Agreement and after a qualified appraisal has been approved. Name and Address of Title Company Handling the Escrow Escrow Number Name of Escrow Officer Escrow Officer’s Phone Number Dollar Amount Needed to Close Escrow Legal Description of Property Being Acquired Assessor’s Parcel Number(s) of Property Being Acquired Copy of Title Insurance Report Entity Taking Title as Named Insured on Title Insurance Policy Copy of Escrow Instructions in Draft Form Prior to Recording for Review Purposes Copy of Final Escrow Instructions Verification that all Encumbrances (Liens, Back Taxes, and Similar Obligations) have been Cleared Prior to Recording the Deed to Transfer Title Copy of Deed for Review Purposes Prior to Recording Copy of Deed as Recorded in County Recorder’s Office Copy of Escrow Closure Notice Exhibit L APPRAISAL SPECIFICATIONS For property acquisitions funded this Funding Agreement, the Funding Recipient must submit an appraisal for review and approval by the Department of General Services or DWR’s Real Estate Branch prior to reimbursement or depositing State funds into an escrow account. All appraisal reports, regardless of report format, must include all applicable Appraisal Specifications below. Appraisals for a total compensation of $150,000 or more shall be reported as a Self-Contained Appraisal Report. Appraisals for a total compensation of less than $150,000 may be reported as a Summary Appraisal Report, which includes all information necessary to arrive at the appraiser’s conclusion. Appraisal Specifications 14, 16, 21, 23-25, and 28 shall be narrative analysis regardless of the reporting format. Title page with sufficient identification of appraisal assignment. Letter of transmittal summarizing important assumptions and conclusions, value estimate, date of value and date of report. Table of contents. Assumptions and Limiting Conditions, Extraordinary Assumptions, and Hypothetical Conditions as needed. Description of the scope of work, including the extent of data collection and limitations, if any, in obtaining relevant data. Definition of Fair Market Value, as defined by Code of Civil Procedure, section 1263.320. Photographs of subject property and comparable data, including significant physical features and the interior of structural im...
INFORMATION NEEDED FOR ESCROW PROCESSING AND CLOSURE. The Funding Recipient must provide the following documents to the State Project Representative during the escrow process. Property acquisition escrow documents must be submitted within the term of this Funding Agreement and after a qualified appraisal has been approved. Name and Address of Title Company Handling the Escrow Escrow Number Name of Escrow Officer Xxxxxx Officer’s Phone Number Dollar Amount Needed to Close Escrow Legal Description of Property Being Acquired Assessor’s Parcel Number(s) of Property Being Acquired Copy of Title Insurance Report Entity Taking Title as Named Insured on Title Insurance Policy Copy of Escrow Instructions in Draft Form Prior to Recording for Review Purposes Copy of Final Escrow Instructions Verification that all Encumbrances (Liens, Back Taxes, and Similar Obligations) have been Cleared Prior to Recording the Deed to Transfer Title Copy of Deed For Review Purposes Prior to Recording Copy of Deed as Recorded in County Recorder’s Office Copy of Escrow Closure Notice Exhibit L APPRAISAL SPECIFICATIONS
