A staff attorney at the State Department of General Services notifies a title company under contract to conduct a title search on the property. The staff attorney reviews the title search report to determine if the title is clear. When the title is clear, settlement papers are delivered to the title company, the settlement check is ordered, and the landowner is notified by mail of the readiness to settle. A settlement date is arrived at between the title company and the landowner. The settlement check is sent to the title company.
Settlement takes place.
If the settlement involves installment payments, the installment funds are invested by the State at the interest rate in effect on the day of deposit. The complete option contract, which is sent with the offer letter, is composed of two parts. Attachment A must be filled out, signed, witnessed and returned to the Foundation before any action can begin on settlement. Attachment B is enclosed for your information and review. It is the document which will be executed at settlement and recorded in the land records of your county.