City of Toledo PlanetBids #1-8602

Toledo Seeks Ohio-Licensed Title Companies for HOME at Last Program Escrow and Title Services

This opportunity is issued by the City of Toledo Department of Housing & Community Development for Ohio-licensed title companies to provide escrow and title services for the HOME at Last Program. - Government Buyer: - City of Toledo Department of Housing & Community Development - Vendors/OEMs: - Title companies licensed by the State of Ohio (no specific OEMs named) - Products/Services Requested: - Title insurance and closing services for first-time homebuyers - Specific line items include: - Title exam fee - Lender's title insurance fee - Escrow disbursement fee - Title commitment fee - Title settlement fee - Wire/overnight fee - Recording fees (restrictive covenant, first mortgage, deed) to Lucas County Recorder - Other fees (e-recording fee $4 per document) - Unique/Notable Requirements: - Vendors must be licensed title companies in Ohio - Proof of Ohio business entity license for title insurance required - Proof of rating from an independent rating agency required - Bid guaranty required (percentage and dollar amount based on bid) - Simultaneous closing with first mortgage from participating lenders - Electronic bid submission via PlanetBids portal - Various city and annual paperwork required - Place of Performance: - City of Toledo, Lucas County, Ohio - Closings and recordings with Lucas County Recorder - Contract Duration: - One-year contract term

Description

The City of Toledo's Department of Housing & Community Development is soliciting proposals from Ohio-licensed title companies to serve as escrow agents for the HOME at Last Program. This program assists first-time homebuyers with incomes not exceeding 80% of the Area Median Income by providing home ownership and closing cost assistance. The selected title company will provide title insurance, closing, and related services, with closings occurring simultaneously with first mortgage closings from participating lenders. Bids must be submitted electronically via the City's PlanetBids portal and include various required documents such as bid guaranty, proof of licensing, and rating agency proof.

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