Dear Seller(s):
Our firm has been retained to conduct the closing on the property that you are selling. To ensure a smooth transaction, promptly review the information below and then sign this letter where indicated.
Please review this engagement letter, sign and submit electronically or print it out, sign it and send it to closings@plcllp.com. Also, please upload or provide the following items to our office immediately: Driver's License;o Current Owner's title insurance policy (if available)
1. Who We Represent. (Including Disclosure of Dual Representation) In a typical closing scenario, the firm's representation is limited as follows: For you, the seller, it is typically requested that our firm prepare the customary seller's Documents including, but not limited to, warranty deeds, lien waivers, and non-foreign affidavits. We may also prepare additional documents in specific circumstances, such as a promissory note and deed of trust in the case of seller financing or power of attorney in the event you do not plan to attend closing. Only to the limited extent that we prepare such documents do we represent you. For the buyer, we provide a title search to ensure the buyer acquires good and marketable title, contract review to ensure compliance with all contract terms and document review at closing to ensure the byer's understanding of the loan documentation. The above representation notwithstanding, our firm operates as a neutral party and does not negotiate for any sideto the transaction vis-'a-vis terms of the contract or loan agreement. You must settle any dispute you have with the buyer prior to closing.
2. Property Taxes. Property taxes for the current year are prorated between the buyer and seller at closing. In calculating taxes, our firm will base prorations upon either (1) the current year's tax bill if the current bill has not been issued or (2) prior year's tax bill. All prorations are final regardless of any change in the tax rates by the taxing authorities or annexation of the subject property after the date of our closing prorations.
3. Closing Expenses. As the seller of the property, you will incur expenses in this transaction that typically include, but are not limited to, the following: real estate commission; document preparation; fees related to clearing title or making title marketable; state sales tax; payoff of any outstanding liens, assessments, taxes or judgments; HOA transfer fees; fees to cover the work and documentation necessary to cancel your current mortgage or mortgages; and fees for courier services;
4. Payoffs of outstanding Deeds of Trust. Payoff figures on the HUD-1 Settlement Statement/ALTA/Closing Disclosures are based on a written statement provided by your lender and are subject to change without notice. In the event a payoff amount is not sufficient to discharge the debt in full, you agree to immediately pay any deficiency to Perry, Bundy, Plyler, & Long, LLP which agrees to remit the payment to the appropriate lender. In the event a payoff amount results in an overpayment made to the payoff lender, it is your sole responsibility to follow-up with said lender for a refund of the overage.
5. Closing figures, Closing Funds, and Disbursement of Funds. Our firm will make every effort to provide you with final closing figures prior to your arrival at our office. In some instances, we are unable to meet this goal. 'Under North Carolina's Good Funds Settlement Act and State Bar regulations, all amounts due from you at closing (if any) must take one of the following forms: certified check; cashier's check, teller's check or official bank check, drawn on or issued by a FDIC-insured financial institution; wire transfer; or money order. Please make checks payable to: Plyler, Long & Corigliano, LLP, Trust Account.
IF FUNDS DUE FROM YOU ARE IN EXCESS OF $500.00 FUNDS MUST BE WIRED TO OUR TRUST ACCOUNT. NO OTHER FORM OF FUNDS WILL BE ACCEPTED! NO EXCEPTIONS!*
*Please call our office to verify any wiring instructions that you receive via email. We are not responsible for incorrect wiring instructions sent to you by any third party.
Pursuant to the N.C. Gen. Stat. §45, ALTA Best Practices, State Bar Rules and in order to protect your funds, all funds in excess of $500 must be received by wire to Plyler, Long & Corigliano, LLP. For this transaction, the only bank account we will be using is our IOLTA Trust Account, described and partially redacted below: Perry Bundy Plyler & Long, LLP IOLTA Trust Account First Citizens Bank & Trust Company 111 Jefferson Street, Monroe NC Partial ABA #***300 Partial Account # '7992 BEFORE SENDING ANY WIRE, CALL OUR OFFICE AT 704-289-2519 TO VERIFY THE INSTRUCTIONS. WE WILL NOT CHANGE WIRING INSTRUCTIONS. IF YOU RECEIVE WIRING INSTRUCTIONS FOR A DIFFERENT BANK, BRANCH LOCATION, ACCOUNT NAME OR ACCOUNT NUMBER, THEY SHOULD BE PRESUMED FRAUDULENT. DO NOT SEND ANY FUNDS AND CONTACT OUR OFFICE IMMEDIATELY.