2018-144-E County Atty - Jones Properties title work.docx

Browse Search

DocuSign Envelope ID: 9ACFDDB7- F1D3- 4EOC- A8CD- 2F922C881EFA Property and, if so, have the public records examined only from the date of that coverage to the present. In other words, absent your timely objection, we will "tack" to that existing policy of title insurance. This procedure will enable us to keep the County's costs to a minimum while, at the same time, providing full title insurance coverage for the County. You should be advised that title insurance, while a valuable insurance coverage, does not cover any and all damage that may arise from a title defect. Title insurance also does 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 requirements 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 Property. 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 the purchase agreement for the Property. Legal Fees & ,Expenses This engagement is specifically limited to: (1) performing the title search; (2) preparing the title opinion; (3) applying for title insurance (if available and if requested); and (4) disusing any title issues discovered during the title search with the County. Please be aware that additional work necessary 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 excess of the "not to exceed" fee listed below. In the event the County requires representation prior to closing or additional legal work not referenced in this letter becomes necessary, then we may perform such work at the County's specific request under an amendment to this agreement at our normal hourly rates. We will bill the County at a discounted hourly rate of $250 for time spent by firm attorneys on the Transaction and $110 per hour for time spent by paralegals on the Transaction. Our legal fees for performing the legal work outlined herein will not exceed $6,000.00. We will may bill the County on a interim basis or collect all fees at the conclusion of the work depending on the circumstances. In addition to the foregoing hourly fees, the County will be responsible for payment kennon craver, pllc 4011 suite _300, dm bam, w27707 • p.t frr box 515'9. durha., -2,717-15 ,9 TELEPHONE 9194900500 FAX 919490087_3 6 wwwkermorr m —com Revised 10/17