DISCLOSURE REGARDING LEGAL SERVICES
Congratulations on your upcoming real estate transaction! We are pleased you have selected our firm for your real estate needs. Below please find our disclosures regarding legal services and multi-party representation. Please review these disclosures at your earliest convenience and sign and return them via fax or email to the real estate paralegal assigned to your file. Please feel free to contact us should you have any questions or concerns.
In connection with your upcoming sale of real estate, you are hereby advised that the services rendered by the law offices of BUTLER & COLLEGE, LLC, acting as your attorney in this transaction, shall include the following:
1. Review of the Contract for Sale of Real Estate, including any accompanying addendums, extensions, and additional related agreements, if any, to ascertain that all contractual terms are addressed.
2. Review of all applicable loan documentation, to include the title commitment, closing instructions, and loan closing package to ascertain that all loan requirements are addressed. ***Please Note: BUTLER & COLLEGE, LLC makes no representation as to any loan terms, loan payments, escrow sums or collections, or any other fees specifically devised by the Lender to satisfy loan requirements.
3. Examination of all applicable public records to ascertain the validity of the title to the property and to identify any encumbrances, discrepancies or errors that would affect the validity of said title. Preparation of preliminary legal title opinions as to status of title as shown from examination of public records.
4. Examination of tax records to determine status of ad valorem taxes and assessments, if applicable.
5. Coordination of the receipt of any CL-100/Termite Reports, bonds or guarantees, homeowner association requirements and fees for the transfer of property*, insurance requirements and any invoices concerning property repair, if applicable. ***Please Note: BUTLER & COLLEGE, LLC will request all Homeowner’s Association documentation and applicable fee information from the Homeowner’s Association when our firm represents the Seller(s). If the Seller(s) has alternative representation, BUTLER & COLLEGE, LLC will rely on the information provided to our firm by the Seller’s attorney. Any discrepancies in the documentation or fee information provided by the Homeowner’s Association are the sole responsibility of the Purchaser(s) and Seller(s) to resolve.
6. Coordination and scheduling of the closing date, time and location with all parties related to the transaction to include: Realtor(s), Seller(s), Purchaser(s), Lender(s) and other law offices, if applicable.
7. Closing of the transaction, including supervision of the execution of all applicable closing and loan documentation and the collection and disbursement of all amounts due in conjunction with the transaction. ***Please Note: BUTLER & COLLEGE, LLC will make full payment to the Homeowner’s Association immediately following closing, based on the documentation and fee information provided by the Homeowner’s Association. BUTLER & COLLEGE, LLC cannot warrant the accuracy of the documentation and fee information provided by the Homeowner’s Association and cannot control the expediency in which the Homeowner’s Association deposits the payment mailed to their office. Any late fees incurred by the Purchaser(s) from the Homeowner’s Association, through no fault of BUTLER & COLLEGE, LLC, shall be the sole responsibility of the Purchaser(s). In addition, BUTLER & COLLEGE, LLC is not responsible for any insurance assumption documentation not provided by the Lender as a requisite for closing; all insurance assumption documentation is the responsibility of the Purchaser(s) and Seller(s).
8. Disbursement of all applicable payoffs for prior Mortgages, lien claimants, delinquent taxes and assessments to insure good and marketable title in favor of the Purchaser(s). ***Please Note: BUTLER & COLLEGE, LLC will rely solely on the payoff information provided by the Seller(s) and/or the attorney of the Seller(s) if the Seller(s) has alternative representation. It is the responsibility of the Seller(s) and/or the attorney of the Seller(s) if the Seller(s) has alternative representation, to provide all necessary payoff information to BUTLER & COLLEGE, LLC.
9. Supervision of the recordation of all General/Limited Warranty Deeds, Mortgages and other requisite closing documentation in the appropriate Register of Deeds/Register of Mesne Conveyance County Offices.
10.Transmittal of all complete and original loan documentation to the Lender, if applicable and to the Purchaser(s) for their records.
The above items are the legal services attributable to the representation of the Purchaser(s) for the purchase of real estate or refinance of real estate, which shall be performed by the law offices of BUTLER & COLLEGE, LLC. Attorney fees will appear on the final settlement statement, but may be requested from our office at any time prior to closing. We thank you for the opportunity to represent you in this important transaction.
The undersigned CONSENTS to an audit of the trust account of BUTLER & COLLEGE, LLC by any title insurance company to insure that all funds paid to BUTLER & COLLEGE, LLC, as attorney, are properly disbursed; said audit being limited to verify receipts and disbursements (SC Bar Ethics Opinion 89-03).
It is the policy of this firm to retain physical possession of the original of your file for a minimum of six (6) years, and after that time we will destroy your file on your behalf. We will retain the financial record of the transaction for a period of at least six (6) years. By execution hereof, you consent to the destruction of all documentation as set out above.
I/We acknowledge receipt of the within Disclosure Regarding Legal Services and Attorney Fees.