Thank you for selecting 24 Hour Closing, to close the purchase of the above referenced property. Our representation is limited to the matter described below. A separate Attorney is needed for other services. Our included services:
1. Conducting the title examination of the property
2. Ensuring that the deed of conveyance and the loan closing documents have been properly prepared and executed.
3. Ensuring that the closing funds are properly received and disbursed pursuant to closing statement prepared by us and reviewed by you prior to closing (provided the loan package is delivered to us in sufficient time);
4. We do not order surveys. Surveys are rarely done or required by lenders. This is often an additional cost to you.
5. Duly memorializing the transaction by recordation of the proper documents at the County Registry;
6. Procuring owner(s) and lender(s) policies of title insurance in proper form.
7. Judgment/lien/encumbrance searches on the Seller (not on you, the Buyer)
Please be advised that the fees mentioned throughout this letter shall be collected on the date of closing through the Settlement Statement (HUD-1) or the Closing Disclosure (CD). If for some reason closing does not take place and any of the above mentioned fees have already been incurred, you will be responsible for paying these fees out of pocket and/ or after closing. If we are required or requested to perform additional services, we may charge extra for them. Preparation of Deeds of Release, Subordination Agreement, Powers of Attorney, or rescheduling a closing through no fault of ours after the closing documents have been prepared are examples of Additional services. Out-of-pocket expenses, such as survey fees, termite report fees, express mail fees, copy/fax fees, document retrieval fees, title insurance premiums, hazard insurance premiums, and recording fees are not included in our legal fees.
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 Laws that make the brokering of properties illegal without a Realtor.
This law firm shall not investigate whether the Seller is illegally brokering 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 Real Estate Commission 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 their 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. Any stop/block needed on any check, for any reason, will require a $35.00 charge.
Furthermore, you acknowledge and waive any possible conflict of interest from 24 Hour Closing having previously represented the Seller in any capacity. 24 Hour Closing does many closings and has probably represented your Seller previously. If this term of this agreement is material to you, you must hire an independent/separate Attorney. You may ask 24 Hour Closing regarding its previous representation of any Parties to this transaction and we will run a report of all possible conflicts. Failure to do so will, again, waive your right to later complain or file an action against 24 Hour Closing for such.
**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.**