2011-143 AMS - Ferrell Firm, P.C. for Forrest Title Opinion and Closing Services not to exceed $3,000

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engagement specifically excludes any work or advice relating to subdivision, rezoning or permitting of the Property that may be necessary for its intended use. I am also aware the County will obtain easements over the remainder of the seller's property .(and other properties) to support the sewer system. This engagement specifically excludes work regarding related to any such easements the County may acquire. I am aware the County has commissioned a new survey for the subdivision which will be recorded at closing. The survey will reveal driveways, fences or other encroachments onto property lines that may impact the County's decision to proceed to closing. These types of encumbrances are generally not discoverable without a survey and will not be located through my title examination. ClosinE I will review the deed that will be drafted by the Seller pursuant to the applicable purchase agreement which I understand you have drafted and will be finalized this week (the "Purchase Agreement"). The Purchase Agreement was drafted, negotiated and executed by County Staff without my participation or review. I have the closing scheduled for Monday, June 27, 2011 at 10:30 A.M. I will prepare a closing statement to be executed by ±he parties. I am willing to conduct the closing in my office located at 209 N. Columbia Street in Chapel Hill, or at another office in Orange County at your convenience. The County agrees to wire all closing funds (including outstanding attorney's fees, if any) into my trust account prior to the closing. I will make every effort to provide the County with a draft of the settlement statement no less than 24 hours prior to the closing date but I anticipate having a settlement statement ready for review five days prior to closing. Following the closing, I will update title and record the deed in the office of the Register of Deeds and prepare a final title opinion. The final title opinion will be submitted to Investors Title Insurance Company for the issuance of an owner's title insurance policy. Fees My fee for all work done pursuant to this agreement is as follows: (1) $75.00 dollars per hour for the services of the title abstractor/paralegal to collect the necessary title documents from the office of the Register of Deeds; and (2) $200.00 per hour for the time it takes me to review the title abstract documents and prepare the preliminary and final title opinion, review the deed and related closing documents, prepare the closing statement, conduct the closing and. record the deed. There will be an additional flat fee charge of $50.00 that will cover all out of pocket expenses for items such as copy fees, courier fees, mileage costs and mailing costs. The County agrees to pay all. fees due on a monthly basis following its .receipt from this Firm of an acceptable invoice for work performed during the preceding month. Please note that costs of the survey, environmental reports, title insurance premiums, tax stamps, recording fees, etc., are NOT included in the legal fee quoted above. In the event the County requires representation prior to closing or additional legal work not referenced in this letter becomes necessary (such as work associated with clearing any substantial title defects), then I will perform such additional work at your request at my normal hourly rate of $200 per hour. I estimate the preliminary title opinion will be completed within fifteen. days following my receipt of an executed copy of the agreement referenced in the first paragraph of this letter baring the location of any substantial title defect. 2