Parties Involved: Buyer, Seller, Loan Officers or Brokers (“Lender”), and Others (referred to as “Party” or collectively "Parties"):
We, The DeFrancesco Law Firm, PLLC, d/b/a DeFrancescoLaw, CAROLINA CLOSERS are happy to assist with the transaction concerning a specific property (referred to as the “Property”). Upon your acknowledgment and understanding of the terms outlined herein, we will collaborate with you and involved parties to facilitate closure of the intended transaction to which this agreement pertains.
YOU MUST BE THE PERSON OR REPRESENTATIVE WITH SIGNATORY AUTHORITY FOR THE TRANSACTION
Representation: We act on your behalf throughout the closing process, ensuring the smooth transfer of title for the property, loan agreements, or other considerations involved. Additionally, we work to ensure compliance with loan closing instructions and lender requirements. However, in the event of a dispute between a party and a lender, we shall not represent either and do not advocate regarding the underlying loan and its terms.
Closing Arrangements: The closing is intended to take place at a mutually convenient time and location for all involved Parties. Generally, attendance by all Buyers purchasing with a loan are required to attend. As to all others and depending on the circumstance it may be possible to conduct the entire process by mail. At the closing, there is a final review of all Settlement Statements summarizing the costs and funds associated with the purchase and/or transaction of the Property. Additionally, if applicable, documents such as Promissory Note, Deed of Trust, and other relevant information will be reviewed. Unless explicitly representing the Seller only, we will proceed post-closing by recording the Deed, Deed of Trust, and disbursing funds.
Closing Attendance and Identification: We coordinate closing details, including date, time, and location, as agreed upon by all Parties involved. If you are unable to attend, alternative arrangements such as Power of Attorney or remote closing may be possible, subject to approval. Please ensure you bring a valid government-issued photo ID or corporate disclosures matching the property title or to be titled.
Closing Delays: For financed closings, all financial terms of the loan must be provided to you at least three days before the closing date. If this information is not provided within the specified timeframe it shall result in delay when applicable Federal Law prohibits any waivers regarding this timing. Therefore, prompt provision of any requested information is crucial.
Fees: Our legal fees and associated costs are outlined on our website and are deemed reasonable and subject to change. Any additional fees or costs will be communicated and agreed upon in advance, except in cases where they are unforeseen, necessary, and reasonable under the circumstances at lawyer best judgment. You agree to bear all legal fees and expenses, including those incurred in the event of the closing being terminated or postponed. Final costs and fees will be detailed in the Settlement Statement provided prior to closing.
Payment Methods: We will inform you of the required funds for closing in advance. Wire transfers are necessary for amounts exceeding $5,000, while certified or cashier's checks are acceptable for amounts between $1,000 and $5,000. It is vital to verify all wiring instructions received to prevent potential fraud.
Our Services: Our representation is primarily focused on tasks such as conducting a title search and examination, verifying the accuracy of the deed of conveyance and loan documents, collecting and disbursing closing funds, preparing and reviewing settlement disclosures, ordering, and reviewing surveys if requested, recording deeds and mortgages, and assisting with title insurance policy issuance. We cannot guarantee the conclusions, compliance, and timeliness of any other party hereto, creditors, vendors, agents or other, nor do we provide advice on covenants or restrictions unless specifically requested and agreed in writing. You agree as in the following:
(a) Title Search and Examination: A title search is conducted to assess the title's integrity, including ownership, easements, encumbrances, and other relevant factors recorded in public records of County where the Property is located. Matters concerning zoning and environmental hazards are not covered in the title search unless specifically requested with sufficient notice.
(b) Title Insurance: Title insurance serves as protection against losses resulting from defects in title. We facilitate the procurement of title insurance and may attempt to locate prior policies for the Property upon request. However, it is essential for you to select a title insurance company and provide instructions accordingly which we shall coordinate which instructions include tacking prior policy when, or if available.
(c) Survey / Property Inspection / Flood Plain: Our services do not include assessing the nature or condition of the Property, nor do we provide opinions on environmental conditions or structural integrity, or its plat and location. It is your responsibility to thoroughly inspect the Property, conduct surveys if necessary, and confirm its existence and suitability for intended use or security. We do not order surveys unless or specifically directed in writing. Conduct a survey to identify any potential boundary issues or encroachments. IT IS BUYERS RESPONSIBILITY TO CONFIRM THE SUBJECT PROPERTY IS ABLE TO BE USED FOR THE INTENDED PURPOSE. BUYER IS RESPONSIBLE FOR ANY BUILDING, USE AND/OR ZONING RESTRICTIONS.
(d) Financing: The terms of a loan or financing are determined solely by Party and Lender, and we do not have the authority to negotiate, interpret, or alter these terms. It is imperative that you confirm all loan details and understanding with Lender(s) prior to closing to ensure compliance. Additionally, your lender may require various documents and information, which you must provide well in advance of closing.
(e) Homeowners Insurance: It is advisable, if not mandated by lender(s), to obtain homeowners' insurance coverage before closing to protect the Property adequately. Flood insurance may also be required if the Property is in a designated flood zone.
Possession / Keys: Transfer of possession and keys typically occurs upon the recording of the deed, which is dependent on the receipt of all funds. Please note that under North Carolina law, title is not conveyed until the deed is officially recorded.
Termination: In the event of contract termination, any outstanding costs, and fees, such as inspections, surveys, title searches, and HOA certifications, will be the responsibility of the Party requesting termination.
BY SIGNING BELOW AND CLICKING ON "ACCEPT" YOU AGREE TO OUR REPRESENTATION AND THE TERMS AND CONDITIONS THEREIN ON ENGAGEMENT PAGE