CC PACKET 05281996 - Laserfiche WebLink

Home Browse Search

DORSEY & WHITNEY LLP Mr. Michael Mornson May 8, 1996 Page 3 the following language must appear on the face of the Deed, "Seller certifies that Seller knows of no wells on the above-described property." 2. If the-property involved is torrens or registered property, at the time of closing the Sellers must also deliver to the HRA their Owner's Duplicate Certificate of Title, and the HRA must execute an Affidavit of Purchaser of Registered Land. .... 3. If the HRA is purchasing an Owner's Policy of Title Insurance, the closing should occur at the title insurance company to enable the company to provide insurance to the HRA as of the date of the recording of the Deed and to enable the title insurance company to control disbursement of funds for payment of any existing mortgages, liens or claims, taxes, assessments or other matters which . . need to be addressed at the closing. 4. Upon delivery of all of the necessary documents and.payment of all the required funds, the Deed will need to be recorded with the Hennepin County Recorder or Registrar of Titles to put the HRA into title. I would recommend that the HRA purchase a policy of title insurance for each of the properties to be acquired and to coordinate each closing through that title insurance company. The title insurance company would greatly facilitate the examination of title, issuance of title insurance at the time of closing, and the disbursal of money. The title insurance company's costs for issuing the 'Commitment would be the obligation of the Seller in each transaction, while the HRA would be responsible for paying the premium for actually purchasing the insurance. After you have reviewed this letter and the. documents enclosed, please contact me if you would like to discuss these matters further. We, of course, are eager to assist you in completing each transaction. Sincerely, James E. Schmec ep JES/jkk • Enclosure cc: William R. Soth