CM-12-01-013Item Caption:
CM1'10t_0L3
REC
EIVED
JAN 25 7ft2
City Manager Approval Form
Consider executing a Release of Earnest Money regarding the property located on East Liberty Avenue.
Approval Date: January 27, 2012
Department Name: Legal
Project Manager:
Assigned Attorney: Steve Sheets
Item Summary:
The property located on East Liberty Avenue was purchased in 2008 as part of the Downtown Land Acquisition Project. On
January 24, 2008, the City entered into a Real Estate Contract with Consuelo Gonzales for the sum of $100,000. The City issued a
check for $1,000.00 for earnest money. The Estate of Cecelio Gonzales C/O Consuelo Gonzales has not signed the documents
needed to complete the real estate transaction. Gracy Title would like to release the $1,000.00 earnest money.
No. of Originals Submitted: 1
Project Name:
Cost:
Source of Funds:
Downtown Land Acquisition
N/A
Select Source Fund
Source of Funds (if applicable): Select Source Fund
Account Number:
Finance Director Approval: S. Carter for Cheryl Delaney
Date: 01/25/2012
Department Director Approval: Date:
**Electronic signature by the Director is acceptable. Please only submit ONE approval form per item. **
CIP n Budget
N/A OK
El El
N/A OK
Purchasing
Accounting
N/A OK N/A OK
ITEMS WILL NOT BE PLACED ON THE COUNCIL OR CM AGENDA W/OUT PRIOR FINANCE AND/OR LEGAL APPROVAL
REV. 6/20/11
err
stewed company
Phone: (512) 472-8421 Fax: (512) 478-6038
January 18, 2012
City of Round Rock
C/O Lisa Dworaczyk
Via Email: LisaD@scrrlaw.com
and
Estate of Cecelio Gonzales
C/O Consuelo Gonzales
12113 Coastal Drive
Willis, Texas 77378
Re:
File No.: 710098
Seller: Estate of Cecelio Gonzales Estate of Cecelio Gonzales
Buyer: City of Round Rock
Address: E Liberty Avenue, Round Rock, Texas
Dear Parties:
In reviewing our file for the above referenced transaction, it has come to our attention that we are still holding
in earnest money under this contract. In order to release the funds, we will need the enclosed Release of
Earnest money form completed, signed and returned to us. Please note that the form must be signed by both
parties and the instructions to release must be in agreement between both Buyer(s) and Seller(s). The
State of Texas requires that we turn these funds over to the state if this issue is not resolved within 4 years from
the contract date. If left unresolved, our company will be required to escheat these funds to the State of Texas
during our escheat process and any attempts to recover the funds will have to be processed through the State of
Texas.
If you should have any questions or should require any additional information, please feel free to contact me.
Sincerely,
Latra Szal
Associate Legal Counsel
latraa,gracytitle.com
Enc.
Ji - 0 3
RELEASE OF EARNEST MONEY
We, the undersigned Estate of Cecelio Gonzales, Seller(s), and City of Round Rock, Purchaser(s), joined by our respective
real estate agents, if any, each and all agree with each other that the Earnest Money contract dated January 24, 2008, is
hereby cancelled and is no longer of any force and effect as to property located at E Liberty Avenue, Round Rock, Round
Rock Texas Texas. We direct Gracy Title, a stewart company ("Title Company") as escrow agent to disburse earnest
money held by it in connection with the above Earnest Money Contract as follows:
to Seller(s).
$1,000.00 to Purchaser(s).
to Seller's Agent.
to Purchaser's Agent.
to Mortgage Company
to Title Company for actual expenses
incurred and as set forth below.*
We all agree to hold Title Company harmless from any further claims for refund of funds or any other obligations under said
contract, and for any claims which might later arise as a result of Title Company disbursing the funds as directed. We each
agree to release the other parties to said contract, and the agents, if any, release all claims for commissions or other charges.
Title Company releases all other claims for expenses incurred.
Date: January 18, 2012
SELLER(S):
‹tad:"*147
401,
SER(S):
Estate of Cecelio Gonzales City of Round Rock
SELLER'S AGENT:
Title Company: Gracy Title, a stewart company
Phyllis Blackwell, Escrow Officer
*Expenses incurred by Title Company
PURCHASE ; ' " AGENT:
Tax Research Report or Certificates
Survey Fee to
Legal Fees to
$ .00 TOTAL