Orange County NC Website
Browse       Search
DocuSign Envelope ID:F7929D92-4D97-45D2-8B83-2E264978353D <br /> insurance coverage for the County. You should be advised that title insurance, while a valuable <br /> insurance coverage, does not cover any and all damage that may arise from a title defect. Title <br /> insurance also does not necessarily provide immediate relief in the form of the payment of a claim <br /> given title insurers have a reasonable time to correct defects in title which the insurer reasonably <br /> believes can be corrected. What constitutes a "reasonable dcnc" depends upon the nature of the <br /> defect. Assuming title is insurable, we will obtain a title insurance policy in favor of the County in <br /> this same amount. The County will be responsible for the payment of the title insurance premium at <br /> closing. <br /> Please be aware that matters of zoning and environmental matters are not included in a <br /> standard title search. We, as closing attorneys, do not provide any opinion as to the environmental <br /> condition of the Property. Please notify me immediately if the County requires additional information <br /> or assistance concerning these two issues. Zoning laws affect setbacks and use requirements to name <br /> a few. Environmental hazards include, but are not limited to, the existence of radon gas, lead-based <br /> paint, underground storage tanks and asbestos. <br /> We will prepare a legal description of the Property based on the survey that I understand is <br /> now being prepared specifically for this transaction. The County will make payment arrangements <br /> directly with the surveyor. The legal description will be used to describe the Property in the Warranty <br /> Deed of Conservation Easement (the "Easement Deed"). I understand that the County does not <br /> require our assistance with negotiating or drafting the Easement Deed, so the preparation of that <br /> document is not included in the scope of our engagement. <br /> Closing <br /> We will conduct the closing on the Easement. The closing can occur in our offices or another <br /> location that works better for the parties. The County agrees to wire the closing funds into my trust <br /> account prior to the closing. We will make every effort to provide the County with a draft of the <br /> settlement statement no less than 24 hours prior to the closing date. Following the closing, we will <br /> update title and record the new plat and Easement Deed in the office of the Register of Deeds and <br /> prepare a final title opinion and deliver the same to Investors Title for issuance of the title insurance <br /> policy. <br /> Legal Fees & Expenses <br /> This engagement is specifically limited to: (1) performing the title search; (2) preparing the <br /> title opinion; (3) procuring title insurance (if available); (4) disusing any title issues discovered <br /> during the title search with you; (5) recording the documents listed above; (6) preparing the <br /> settlement statement and (7) conducting the closing. Please be aware that additional work necessary <br /> to complete the closing, such as attempting to resolve significant title defects, significant work <br /> related to locating heirs or resolving estate issues related to the property in the chain of title, etc., may <br /> require work beyond the scope of this letter and cost in excess of the fee listed below. In the event <br /> the County requires representation prior to closing or additional legal work not referenced in this <br /> letter becomes necessary (such as work associated with clearing any title defects and resolving estate <br /> issues), then we may perform such work at the County's specific request under an amendment to this <br /> agreement at our normal hourly rates. <br /> 2 <br /> kxmonmcozuur it(' <br /> �o// ""'","'1"11,/,''' Sit vud,'41°". 'IL zrror ` ^,,/olfr,,ben zorxa,,,ham. °,zzn7-ory <br />