AgdaPkt 2012-10-08 - Laserfiche WebLink

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8.A. - Page 15 cases this may not be necessary or possible (for example, if time is short), and in such cases a warrant will be issued for those expenses. 13. Title Insurance. The City should obtain title insurance for most property acquisitions; however, this policy may be waived when the property is acquired for a nominal sum. 14. Certificate of Acceptance. The City Clerk should sign the certificate of acceptance on behalf of the City as required by the Government Code and as authorized by City Council resolution or motion. The City Clerk's signature must be acknowledged by a notary. 15. Insurance. Finance should coordinate with the City's pooled-risk program representatives to ensure the property becomes properly covered under the program. 16. Record Grant Deed or Lease Agreement. The grant deed, signed by the seller(s), shall be recorded in the Officials Records of the County of San Mateo. This is normally done through the escrow company. The certificate of acceptance signed by the City Clerk should be attached to the recorded grant deed. Leases should include a provision that a memorandum of lease agreement signed by the City and the lessee may be recorded at the City's sole discretion. 17. City Inventory. Once the purchase or lease is completed and all documents have been signed and recorded as necessary, the City Clerk should add the property acquired to the inventory of City-owned parcels. The City Clerk should maintain copies of the written agreement, grant deed, and other related documents for the official City records. III. PROPERTY DISPOSAL The consideration of selling or leasing City property may arise from the City's initiative or in response to interest by others. The guidelines below cover short-term leases of City property as well as long-term leases and fee-title sales. ATTY/POLICIES/PROPERTY ACQUISITION AND DISPOSITION PROCEDURES REV:10-04-12 PT Page 10 of 21