Dear Borrower(s): Our firm has been retained to conduct the closing on the property that you are refinancing. To ensure a smooth transaction, promptly review the information below and then sign this letter where indicated on page 5. Please provide the following items to our office immediately:

1. Executed copy of this letter;

2. Driver's License

3. Completed Borrower info Sheet (paying particular attention to section 7 thereof);

 

Who We Represent (Including Disclosure of Dual Representation)

Whom We Represent: We represent you to the extent of ensuring that you maintain good and marketable title to the property. We can also advise you on any legal questions concerning title to your property, title insurance, and the covenants and conditions of your loan documents. We represent the mortgage lender to the extent of assuring full compliance with its loan closing instructions.

We do not represent you with respect to the terms of your loan agreement with your mortgage lender. Therefore, please confirm the final terms of your loan with your loan officer or mortgage broker a sufficient amount of time prior to closing to enable you to carefully resolve any disagreements or disputes with the lender concerning the terms of your

What Services We Perform: We are responsible for conducting the title examination of the property; ensuring any deed of conveyance and loan closing documents have been properly prepared and executed; receiving and disbursing the closing funds properly and pursuant to the closing disclosure prepared by your lender and reviewed by you at or prior to the closing; reviewing the survey prior to the closing if you ordered one; properly closing the transaction and recording the deed and deed of trust; and ensuring the owner's and lender's policies of title insurance are issued in proper form.

Title Examination: In our examination of the title to the property you are purchasing, if we are able to locate an existing title insurance policy, we will "tack" to that policy. This means our title examination would begin with the date and time of issuance of that policy, and we will not certify the status of title to the property prior to the date the policy was issued. While defects in title occurring prior to our search prior would not be reported by us if we "tack," any such defects would be covered by an existing title policy, so you should receive the same title insurance coverage as if we had conducted a full examination.

This method of title searching will promote a more expeditious closing and a reduced closing cost to you as we will spend considerably less time conducting the title examination than if we did not tack. Our title insurance company routinely issues title insurance on property based upon these types of title searches, as it is a customary procedure to do so. If you would like to discuss a full title search years) please call us.

Title Insurance: Examination of title is an important matter, but even the most careful examination will not reveal certain defects in title. This is the reason for title insurance, which lenders will typically require. We will be securing for the lender a title insurance policy in the amount of the loan principal. You will be required to pay the title insurance premium, which is normally computed at a rate determined by statute. This is a one-time fee paid to the title insurance carrier, which covers you for any defects in the title of the property.

Survey: If a mortgage lender requires a current map or survey of the property, you will bear the cost of a new survey. You will be responsible for ordering the survey, as we do not order surveys for our clients. Please let us know, if you are going to be sending a new survey, as we must prepare the new legal description from the survey. The title insurance company will insure you even without a survey, but it may not insure you regarding defects that could be disclosed by an accurate survey.

A survey may be beneficial to you in determining, among other things, whether the property of your neighbor encroaches the property or whether an improvement has been erected which encroaches on the property. It is our recommendation that every buyer obtain a survey at the closing.

Loan Documents: Unfortunately, it has become the norm to receive closing documents from the various lenders very late in the process, sometimes only minutes before the closing is scheduled to begin. Understand we will do our best to prepare the closing documents expeditiously, but the receipt of the closing package is largely out of our control. If you desire to review your Settlement Statement before closing, please understand we cannot prepare it until the lender has forwarded to us the closing documents. We suggest you discuss this matter with your lender to facilitate a smooth closing.

Restrictive Covenants, Zoning and Usage: It is our practice to provide a copy of Restrictive Covenants, if any, at closing as a courtesy to our buyer clients; however, we do not review restrictive covenants prior to closing unless your survey discloses a possible violation of the covenants. If you wish for us to review your restrictive covenants for any other reason, we will do so for an additional fee. We do not ensure the property, including the structures located thereon, comply with zoning regulations, nor are we certifying as to whether there is surrounding farmland. A title examination also does not reveal whether the property is suitable for a particular use.

Cancellation of Liens: As part of the closing, we will ensure all liens against the property are cleared. That includes obtaining payoffs of the mortgages, if any. While we guarantee payment of the liens, the nature of the practice in this locale prevents us from following up to make sure the liens have been effectively cancelled at the Register of Deeds office. It is the lender's responsibility to cancel such liens, but if it is not done and as such becomes an issue for you in the future, we will provide assistance at that time for an additional fee.

Our Fees: Our fees for the above-described services are approximately $1,050.00 for a residential closing (unless you have been quoted another fee) which include title examination, copy fees, notary fee and title search fee,if applicable. Since our title examination is performed in advance, we will invoice you for the portion of our fee which covers the title examination if the closing is cancelled for any reason. If there is a foreclosure in your title, which must be examined for accuracy thereof, your fees will increase by approximately $200.00. Should additional services be requested beyond those described herein, additional fees may be incurred. Without limiting the definition of "additional services," examples would include preparation of a power of attorney, subordination, or deed of release, or a simultaneous second mortgage. We may also charge a fee if the closing is delayed or postponed through no fault of our own after the closing documents have already been prepared.

Out-of-pocket expenses, including, but not limited to, wire fees, courier fees, the survey fee, the termite report fee, the title insurance premium, the hazard insurance premium, and the recording fees will be additional costs to you and will be reflected on the closing disclosure.

Any delinquent property taxes must be paid at closing. 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: cashier's 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.

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: Plyler, Long & Corigliano, LLP IOLTA Trust Account First Citizens Bank & Trust Company 111 Jefferson Street, Monroe NC Partial ABA # 300 Partial Account # ******1916 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.

North Carolina law also restricts when we may disburse funds. Our firm may not disburse checks or proceeds from your closing until the deposit of all closing funds into our trust account has been confirmed and the appropriate documents have been filed with the register of Deeds. This includes, but is not limited to, refunds of monies brought to closing, payments per invoices, and seller payoffs and proceeds. In the event any changes in the status of title to the property are discovered after closing, or if any funds delivered at closing are determined to be uncollectible, we will withhold disbursement of settlement checks and proceeds pending the resolution of such matter. Six months from the date of closing a reasonable dormancy fee shall be charged against any remaining funds due toyou, which are not claimed 10 business days after notice, via telephone and email communication, and/or issuance of a refund check. The charge shall be based on time and effort spent making reasonable efforts to contact client and return funds. Said charges shall not exceed $200 per year.

Waiver of Return of Small Sums

As part of our continued effort to provide a smooth closing transaction both before and after the closing ceremony we ask our buyers to waive the return of sums of $10 or less that arise as a result in changes to fees collected at settlement, or those fees that after six months remain unclaimed. In return, should our office find that you as the buyer have a shortfall of $10 or less as a result of changes to the settlement statement; we will not make efforts to collect those funds after the closing ceremony. Please make a selection below as to whether you would like to agree to these terms and elect to waive the right to return of small sums. I/We agree to waive the right to the return of small sums $10 or less.(Initial) I/We do not agree to waive the right to the return of small sums of $10 or less.(Initial) Miscellaneous Items Worth Noting (1) Certain charges on the settlement statement, including but not limited to courier and overnight fees, may not reflect the actual costs for such services and in fact may be more than the actual costs billed to our firm. Any such difference is intended to cover the administrative aspects of handling the particular item or service. (2) Any dispute between you and the seller over repairs or other contractual items must be resolved prior to closing. Our firm will not retain in escrow any money to be paid after closing for the resolution of such items. (3) Please plan to bring the following items to closing: An unexpired, government-issued, photographic id such as a state driver's license or U.S. passport. If applicable, original power-of-attorney that has been approved in advance by our firm and which will be used at closing. If applicable, "funds to close" in one of the required forms identified above. Any document(s) that we have requested but you have not yet provided.

Thank you for taking the time to review the above information. Please contact our office with any questions or visit our website @ www.plcllp.com for more information.

Regards, Plyler, Long & Corigliano, LLP

MY (OUR) SIGNATURE(S) BELOW CERTIFIES RECEIPT, ACKNOWLEDGEMENT, AND CONSENT TO THE ABOVE DISCLOSURES AND TERMS OF OUR LIMITED REPRESENTATION BY PLYLER, LONG & CORIGLIANO, LLP.

316 N. Hayne St Monroe, NC 28112 Mailing Address P.O. Box 7 Monroe, NC 28111-0007 By Appointment Only 110 Matthews Station St Suite 2-F Matthews, NC 28105

Please return completed info sheet to your closing paralegal VIA email or FAX

1. Please complete the following:

a. Full legal names (First, Middle, and Last)

1) IF MARRIED, YOUR SPOUSE IS REQUIRED TO SIGN.

2) **IF LEGALLY SEPARATED, PLEASE ATTACH THE SEPARATION AGREEMENT OR FREE TRADER AGREEMENT FOR REVIEW.

3) **IF REMARRIED, PLEASE PROVIDE YOUR CURRENT SPOUSE'S NAME:

4. 

 

6. Current Lender/Mortgage Information: We must contact your mortgage company well in advance of closing to obtain loan closing instructions; lender closing disclosure; and complete loan package. You must provide the information below and sign where indicated so that we may obtain the aforementioned information. Failure to comply with this section may delay closing!

"My(Our) signature(s) above constitutes my(our) authorization to allow any employee of Plyler, Long & Corigliano, LLP to obtain mortgage information and order a payoff on these or any mortgage accounts on my(our) behalf and to close or block said accounts."

7. Homeowner's Association or Management Company Info:

Excess Funds: Please indicate below how you would like to receive any excess funds if applicable. You will have an additional from to fill out at closing giving direction of disbursement.

Wire: There will be an additional $35 wire fee to compensate our office for the work and risk involved in ensuring that your funds can be safely delivered. Due to the increased number of incidents involving wire fraud, our office will only acceptwire instructions delivered in person or with your other executed/notarized buyer documents. We will provide the appropriate form for you to complete in order to request a wire from our office. Please verify your account information (including the address listed with your bank) prior to closing.

USPS Mail - This option is only available for checks that are $5000 or less. If this option is selected, the check will be sent via the United States Postal Service. We will require 10 business days for delivery before issuing a stop-payment, and e-issuance of the check.

UPS/FedEx- If selected, there will be an additional $35 overnight fee.

UETA and E-sign Consent Information

The following constitutes a UETA Consent Disclosure. Please read carefully before continuing. The Corigliano Law Firm may be required by law to provide you with written notices or disclosures. Below are terms and conditions under which you consent to receiving such notices. Below, you will be asked for your consent by checking the Yes, "I agree" box. Checking the Yes box acknowledges that you had electronic access to this form and that you are aware of your electronic consent.

You may request a printable paper form located here to be provided to you. You will have the ability to download and print the documents from a personal printer, or you may elect to have the forms provided in another manner by contacting us. You may ask to be removed from our email lists by requesting at Closings@plcllp.com. Should you ask to be removed from our electronic notices and disclosures, it may lengthen the time of the requests being processed at our office and will require verification through the above email address that our notices and disclosures are no longer needed.

Unless you comply to the above procedures as listed, you hereby electronically consent to use electronic records for these transactions.