This document is affectionately referred to as the "cover your butt" agreement. We appreciate your business but must include various conflict waivers and acknowledgements referenced below. We believe that the following conflict waivers and acknowledgements create the cheapest/most efficient closing for our clients, although you are encouraged to hire independent legal counsel and to object to any conflict waivers requested below.
Failure to object to this document and/or hire independent legal counsel shall be held to be a knowing/valid waiver of the information herein.
We limit the engagement of our services to include: the title examination of the property and procuring owner(s) and lender(s) policies of title insurance in proper form. We ensure that the deed of conveyance and the loan closing documents have been properly prepared and executed after a judgment/liensearch of the Seller (not the Buyer). We ensure that the closing funds are properly received and disbursed pursuant to closing statement prepared by us and approved by you prior to closing, although you may authorize us to slipsheet certain documents. Recording will not occur without your authorization.
Fees mentioned throughout this letter should be collected on the date of closing through a settlement statement. If closing does not take place and any of the above mentioned fees have already been incurred, you may be responsible for paying these fees out of pocket and/or after closing. We reserve the right to charge for preparation of additional legal documents. Out-of-pocket expenses, such as survey fees, termite report fees, express mail fees, copy/fax fees, document retrieval fees, hazard insurance premiums, and recording fees may not be included in our legal fees. We take every effort to include every fee in the settlement statement, but errors occur and we cannot be held responsible. You understand that an incorrect settlement statement does not make us responsible for that fee/cost/lien/mortgage/DOT/judgment/property tax, although we will try to aid the proper Parties going forward.
This firm does not represent that it will examine your financial condition as Buyer, or how you want to take title to avoid liens/judgments or structure your finances. Additionally, this law firm shall not be responsible for inspecting status of buyer/seller/assignor/marketer/wholesaler/Realtor/other entity beyond ensuring that you will receive negotiated title to the Property. There are NC and SC Laws that make the brokering of properties illegal without a Realtor. We will not not investigate whether the Seller is illegally brokering or wholesaling this Property to you because we do not feel that it is pertinent to the legal title of the property, and further believe that the NC or SC Real Estate Commission or Bar would be a better avenue to pursue these questions.
Should this law firm be in receipt of any earnest money (held in trust) from Buyer, Buyer acknowledges that this law firm shall be given authority to return that earnest money (subject to and minus any amount it has incurred in title preparation or other legal fees discussed above) without a petition to the court to do so. You authorize 24 Hour Closing to use its sole and final/ultimate discretion in determining who shall receive these funds per your Contract. If 24 Hour Closing is uncomfortable making this decision, they will send the money to the local County court per NC regulations.
Unless we are otherwise notified in writing, we may share all information with all parties involved in the transaction including Lenders, Mortgage Brokers, Realtors, Service Providers, etc. No information is considered confidential between Parties and 24 Hour Closing will strive to coordinate an efficient and amiable closing.
By signing below, you hereby understand and consent to the terms of this letter, and you agree you will only wire transfer money upon confirming the account of 24 Hour Closing. You will not hold 24 Hour Closing liable for wrongfully wired monies!
It is often impossible to relate all the possible conflicts of interests that are possible when a large settlement company (such as this one) has performed thousands of closings for thousands of people. We have likely represented every possible lender in a previous closing and often encounter buyers and sellers (some investors) who buy and sell various Properties, sometimes weekly.
We strive to treat each closing as a separate engagement, but you must acknowledge and waive any possible conflict of interest from 24 Hour Closing having possibly represented a Buyer or Seller or Agent or Lender or employee or owner of any related entities, in any capacity. You have the right to independent legal counsel and/or a report from this law firm regarding any possible conflict. Should you not ask for this conflict check or should you not hire independent legal counsel, this page shall serve as a conflict waiver by you: waiving any possible conflict referenced above.
Double Closings are big business in North Carolina! A double closing is a situation typically referred to, when an investor or hedge fund or person buys a property in an "A to B" transaction and resells it moments later in a "B to C" transaction. The North Carolina State Bar indicates that these may be a conflict of interest for a single attorney/firm to perform all parts of an "A to B" and "B to C" transaction without a knowing and valid waiver of that conflict of interest from applicable Parties. Please accept this form as a knowing and valid waiver of that conflict of interest. Please visit this website for more information about double closings: wwww.24hourclose.com/doubleclosings
24 Hour Closing is a d/b/a of Pinyan Law Office, PLLC. It is a separate company from 24 Hour Title or Harry Marsh Law, although various employees have worked for all of these entities. If you send funds to 24 Hour Title, Harry Marsh, Harry Marsh Law or Harry Marsh Law, PLLC you authorize us to deposit those funds in the currently existing NC Trust account for 24 Hour Closing. Contracts and other addenda shall be treated similarly: treated as though 24 Hour Closing is the settlement agent/escrow agent.
Your signature below shall be treated as a knowing and valid waiver and release/acknowledgement of the conflicts referenced above: you have reviewed the double closing website and knowingly waive any conflict that may exist if this law firm performs a double closing that uses transactional funding as described herein!
**BUYER UNDERSTANDS AND ACKNOWLEDGES THAT ANY CASH TO CLOSE AMOUNTS OVER $10,000 MUST BE MADE IN THE FORM OF A WIRE. A CASHIER’S CHECK IN EXCESS OF $10,000 WILL BE REJECTED AT THE CLOSING TABLE.**