Real Estate Closing Agreement
I. Appointment of Settlement Agent:
The undersigned hereby acknowledge the De Bruin Law Firm, LLC is and has been retained by the Purchaser to perform the acts associated with real estate closings in South Carolina on behalf of the Purchaser.
II. Representation Disclosure and Consent:
The undersigned acknowledge that the Settlement Agent represents with respect to this transaction the Purchaser/Borrower and the Title Insurance Company. In connection with its representation of Purchaser, the Settlement agent may perform duties for, but not represent, the other parties in the transaction. If a lender is involved, we may perform certain services for the lender consisting principally of preparing or reviewing loan documents, issuing a title opinion, ordering a survey (if required), and making certain we comply with the lender’s loan disbursement instructions, In addition, if a deed is prepared on behalf of the Seller, then the Settlement Agent considers itself to be representing the Seller in this limited capacity. The Settlement Agent has attempted to draft all closing documents in conjunction with this transaction in accordance with the terms stated in the Contract of Sale, the Loan Commitment, Lender’s closings instructions, and further, in accordance with any other written instructions received from the parties to this transaction. The undersigned acknowledge that all documents, including the Settlement Statement, accurately reflect their intentions with reference to this transaction, and that they have had adequate opportunity to review these documents.
The undersigned further acknowledge that in representing these parties, the Settlement Agent has advised each of them that they have rights and responsibilities which may conflict one against the other. Because of these potential conflicts, any attorney or Settlement Agent may not be able to represent any singe of these parties as adequately as that attorney could represent that party if the attorney were not engaged in multiple representations. The undersigned acknowledge and consent to such multiple representations. The undersigned further acknowledge that in the event that a conflict arises during or after closing which cannot be resolved by discussions among the parties, it would then be the responsibility of the Settlement Agent to withdraw from representation of all parties in this transaction, and that all parties would be under obligation to seek independent counsel for the reconciliation of these conflicts.
III. Understanding as to Representation:
The undersigned acknowledge that they have not retained Settlement Agent to negotiate the terms of their contract nor are they relying on Settlement Agent to provide substantive advice about how or whether to proceed with this transaction. Rather, the undersigned acknowledge that the Settlement Agent has been retained to close the transaction, prepare a deed of conveyance and perform the ministerial acts associated with real estate closings. Both parties acknowledge that all terms of the contract for sale on the property have been met at closing and there are no outstanding conditions or reasons that the closing should not take place this date.
IV. Termite Inspection and Repairs:
The undersigned Purchaser acknowledges that they have either
- received either a copy of the termite report (also known as a South Carolina Wood Infestation Report), or a copy of the Termite Soil Treatment Guaranty, and any other requested reports concerning an inspection of the above mentioned property; and do certify that they have fully read and understand the contents of said report(s); and do acknowledge that the undersigned have accepted the same as a fair representation of the condition of the property set forth above; or
- inspected the property or acknowledge the existence of the opportunity to have the property thoroughly inspected and investigated by an outside independent inspector, and that they do accept the property in its present condition.
That by accepting the termite letter or Wood Infestation Report or their own independent inspection or investigation of said property and any other reports, the undersigned Purchaser acknowledges that they have authorized the Settlement Agent to close the sales transaction with the Seller with the Property in “as is” condition at closing.
Purchaser acknowledges and understands that Settlement Agent in no way warrants the contents of any termite or Wood Infestation Report, private inspection or investigation report, or other reports, nor does the Settlement Agent warrant the adequacy or accuracy of the inspection or the qualifications of any company or any persons who performed the inspection. Settlement Agent disclaims any and all warranties of any nature whatsoever pertaining to the inspection or inspection reports done on said Property. By acknowledging that they understand this disclaimer, the undersigned do agree to indemnify and hold harmless the Settlement Agent from any matters or damages incurred which could arise after the closing concerning the conditions of the property being purchased.
The parties hereto certify that all repairs performed on the above referenced property have been completed and paid in full. There are no outstanding bills for work or services on the property for which a mechanic’s lien or materialman’s lien could be pending.
V. Disbursement Amounts: Prorations:
The parties agree that the disbursement amounts shown no the trust account are based upon the best information available to Settlement Agent at the time of the closing. Should the final amount required to pay any such item in full differ from the amount shown, the Parties on whose behalf the item is paid shall immediately upon being notified remit to the Settlement Agent the additional sum necessary for payment in full. The Purchaser and Seller agree that should any inadvertent errors or omissions later be discovered in any documents executed at settlement, they shall promptly execute such corrective documents and remit such sums as may be required to adjust or correct such errors or
If the proration of taxes and assessments was made based on estimated amounts prior to receipt of current actual bills, Purchaser and Seller agree to adjust the proration’s shown on the Settlement Statement between themselves when current actual bills are received. The payment of all outstanding taxes and assessments not paid at settlement are assumed by Purchaser.
Seller accepts responsibility for any and all rollback taxes that may be due or become due on the property by reason of their subdivision of a larger tract of land and agrees to indemnify and hold harmless the Purchaser, Settlement Agent and the Title Insurance Company from any and all costs incurred by reason of their failure to pay such in a timely manner.
Purchaser and Seller acknowledge and agree that the water, sewer, power, gas, trash and all other Utility bills have not been prorated and accept responsibility for determining any proration’s due to the overlap of ownership, should there be any outstanding bills for such services. Further, the undersigned do hereby agree to indemnify and hold harmless the said Settlement Agent from any and all costs and expenses of such adjustments.
VI. Legal Notice/Legal Residence:
If you change your legal residence (purchased a new home, built a new home, or simply moved to a different home you own), during 2016 you must make application for legal residence on the new home for tax year 2016 on or before September 30, 2016. Generally, in Greenville County, tax bills are mailed during the month of October, and are payable by January 15 with no penalty. As a property owner, it is your sole responsibility to apply for legal residence and 4% taxes with the applicable county Tax Assessor. By signing this document, you agree and acknowledge that Settlement Agent bears no responsibility for registering you with the county Tax Assessors office and shall not be held liable for errors, penalties or any taxes levied, in the event that you do not register or do not receive a tax bill. Contact the Tax Assessor in your county to register and for more information.
VII. Mortgage Payoff Amounts:
Seller and Purchaser acknowledge and agree that the amounts shown as due to any mortgagee(s) are provided to the Settlement Agent by the mortgagee(s), and the undersigned hereby agree that should such amounts be insufficient to satisfy any mortgagee’s lien, it shall be sole responsibility of Seller to provide such additional funds as are deemed necessary and proper to do so. Further, the undersigned hereby agree that should proper lien release or satisfaction documentation not be delivered to the Settlement Agent within thirty (30) days of closing, it shall be the responsibility of Seller to obtain same. The Settlement Agent agrees to notify Seller and Purchaser in writing if such documentation is not received.
VIII. Appointment of Settlement Agent as Attorney-In-Fact:
To the end of furthering the timely delivery of loan closing documentation, the undersigned hereby nominates, constitutes, and appoints the Settlement Agent as its limited Attorney-in-Fact, and hereby empowers and authorizes said Attorney-in Fact to make any changes necessary to ensure that the loan documents conform with the Lender’s settlement instructions. Further, said Attorney-in-Fact is empowered to initial such changes on behalf of the undersigned in their absence. Such Attorney-in-Fact is not authorized to make or initial any such changes in the substance of the documentation without the express written authorization of the Borrower/Purchaser.
IX. Termination of Representation:
Upon the completion of this transaction, any representation by Settlement Agent shall terminate, unless an on-going relationship has been negotiated and a separate engagement letter has been executed.
Seller and Purchaser represent and warrant that there are no liens or judgments against them and agree to indemnify and hold harmless Settlement Agent, and Settlement Agent’s Title Insurance Company should such representation ever turn out to be inaccurate. Purchaser acknowledges that if any such liens are pending, that they will attach to the property once it is titles in Purchaser’s name.
XII. Copies of Documents:
Purchaser and Seller agree that they have read and understand and have had the chance to ask question about the closing documentation and have received copies of all pertinent documents executed at closing.