TITLE
Recommendation to adopt Specifications No. RFP EP18-079 and award contracts to Cardinal Escrow Inc., of Long Beach, CA; Chicago Title Company, of Los Angeles, CA; International City Escrow, of Long Beach, CA; Stewart Title of California, of Newport Beach, CA; and Ticor Title Company of California, of Glendale, CA, for as-needed escrow and title services, in an aggregate amount not to exceed $500,000, for a period of two years, with the option to renew for three additional one-year periods, at the discretion of the City Manager; and, authorize City Manager, or designee, to execute all documents necessary to enter into the contracts, including any necessary amendments, provided that the aggregate total amount is not exceeded. (Citywide)
DISCUSSION
As part of real estate matters involving the City of Long Beach (City), staff utilizes outside firms to perform various escrow and title functions necessary to complete the transaction. Escrow firms provide essential services to the City by acting as a neutral third party, ensuring both parties are in compliance with the terms and conditions of the transaction, as well as with California escrow law. Title companies offer a multitude of services including researching real property title issues, clearing title exceptions, and insuring the validity of title during a land transfer. These services are being procured to meet the needs of City departments for current, as well as unforeseen transactions, that will arise over the next few years. At this time, all prior agreements for these specialized professional services have expired.
The RFP was advertised in the Long Beach Press-Telegram on March 9, 2018, and 5,223 potential proposers specializing in real estate broker services were notified of the RFP opportunity. Of those proposers, 30 downloaded the RFP via the City’s electronic bid system. The RFP document was made available from the Purchasing Division, located on the seventh floor of City Hall, and the ...
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