James Madison University #DKM-1230

JMU Awards Real Estate Title Exam, Insurance, and Closing Services Contract to VSTitle, LLC

James Madison University (JMU), a public institution in Harrisonburg, Virginia, has awarded a contract for real estate title examination, title insurance, and closing services. - Government Buyer - James Madison University (JMU), Commonwealth of Virginia - Procurement Services, Harrisonburg, VA - Awarded Vendor - VSTitle, LLC - OEMs/Title Insurance Underwriters - Fidelity National Title - First American - Products and Services Requested - 60-year real estate title examination (non-certified) - Preparation and delivery of ALTA title insurance commitments/binders - Delivery of documents giving rise to title exceptions - Acquisition of title insurance (with options to write on Fidelity National Title or First American) - Final title rundown and recordation - Closing and escrow services, including assistance with legal descriptions - Issuance of final ALTA owners title policies - Pricing Structure - Hourly rates for services (e.g., $75-$80 per hour) - Maximum charges per instance (e.g., $300 for title exam, $500 for closing/escrow) - Title insurance premium rates tiered by coverage amount (e.g., $4.31 per $1,000 up to $250,000; $1.79 per $1,000 for $10M-$20M) - Minimum title insurance premium: $250 - Unique or Notable Requirements - Compliance with all required licensing and legal standards - Adherence to the Commonwealth's SWaM (Small, Women-owned, and Minority-owned business) participation policy - Use of eVA purchase orders for work authorization - Title insurance commitments must specify standard exceptions based on underwriter (Fidelity National Title or First American) - Place of Performance - James Madison University, 752 Ott Street, Wine Price Building, First Floor, Suite 1023, Harrisonburg, VA 22807 - Contract Duration - Initial one-year term with up to four additional one-year renewal options (potential total of five years)

Description

This solicitation is a Request for Proposal (RFP) issued by James Madison University, an agency of the Commonwealth of Virginia, to procure real estate title exam, insurance, and closing services. The contract period is from the date of award through one year, with options to renew for four additional one-year periods. The services include performing a 60-year title examination, preparation and delivery of title commitments, title insurance acquisition, final title rundown and recordation, and closing and escrow services. The contract requires compliance with all licensing and includes specific pricing schedules and terms.

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