2018-063-E County Atty - Kennon Craver Morris Grove legal services

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DocuSign Envelope ID: CB53B3F9- 97AB- 472A- A85A- 50053B9BEAB7 also dues not necessarily provide immediate relief in the form of the payment of a claim given title insurers have a reasonable time to correct defects in title which the insurer reasonably believes can be corrected. What constitutes a "reasonable time" depends upon the nature of the defect. Assuming title is insurable, we will obtain a title insurance policy in favor of the County in the amount of the purchase price for the Property. The County will be responsible for the payment of the title insurance premium at closing. Please be aware that matters of zoning and environmental matters are not included in a standard title search. We, as closing attorneys, do not provide any opinion as to the environmental condition of the Property. Please notify me immediately if the County requires additional information or assistance concerning these two issues. Zoning laws affect setbacks and use requircments to name a few. Environmental hazards include, but are not limited to, the existence of radon gas, lead -based paint, underground storage tanks and asbestos. We will either use the survey commissioned by the County for this transaction, if any, or the description of the Property included in the current vesting deeds as the legal description for the Properly. We recommend the County obtain a new survey of the Property during its due diligence if it has not already done so. A survey may show title encumbrances and defects such as existing encroachments onto or from neighboring properties, legal description gaps and overlaps, and other matters "on the ground " that would not otherwise be discovered during our title search of the public records. The legal description will be used to describe the boundaries of the Property in the deed conveying the Property to the County (the "Deed"). I understand the County does not require our assistance with negotiating or drafting any portion of (lie purchase agreement for the Property. Closing We will conduct the closing on the Transaction. The closing can occur in our offices or another location that works better for the parties. The County agrees to wire the closing funds into my trust account prior to the closing. We will make every effort to provide the County with a draft of the settlement stateirzent no less than 24 hours prior to the closing date_ Following the closing, we will update title and record the new plat, if any, and Deed in the office of the Register of Deeds and prepare a final title opinion and deliver the same to Investors Title for issuance of the title insurance policy. Wire Jnstructions BEFORE SENDING ANY WIRE, CALF, OUR OFFICE AT (919) 490-0500 TO VERIFY THE INSTRUCTIONS. WE WILL NOT CHA'N'GE WIRING INSTRUCTIONS. IF YOU RECEIVE WIRING INS'T'RUCTIONS FOR A DIFFERENT RANI{, BRANCH LOCATION, ACCOUNT NAME OR ACCOUNT NUMBER OTHER THAN THE INSTRUCTIONS YOU HAVE ON FILE, THEY SHOULD BI's PRESUMED FRAUDULENT. DO NOT SEND ANY FUNDS AND CONTACT OUR OFFICE INLMEDIATELY, FAILURE TO FOLLOW THIS PROCEDURE ENDANGERS YOUR FUNDS. Legal Fees & Extienses This engagement is specifically limited to: (1) performing the title search; (2) preparing the title opinion; (3) procuring title insurance (if available); (4) disusing any title issues discovered during the title search with the County; (5) recording the documents listed above; and (6) conducting the closing on the purchase. Please he aware that additional work necessary to complete the closing, such as attempting to resolve significant title defects, significant work related to locating, heirs or resolving estate issues related to the property in the chain of title, etc., may require work beyond the scope of this letter and cost in kennon t aver, pllc 1011 "we.300.. d[ h—, h, 27 -07 + Puf gf-bar 5157], dh,,., rn 27: 71.7•la'.p TELEPHONE M4900500 FAX 919490087i • fe.—k...�a��rruxn -rune Revised 10/17