Closing Protection Overview and Issues
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1 Closing Protection Overview and Issues 1
2 CPL - WHO S BENEFITED? 55 you are to be the lessee or purchaser of an interest in land or a lender secured by a mortgage (including any other security instrument) of an interest in land in accordance with N.C. Gen. Stat. Sec
3 Who s covered? Who s not??? 58 3
4 4
5 5
6 Written closing instructions but NOT: If inconsistent with commitment Mechanics liens (except as covered in commitment validity, enforceability or effectiveness of any closing documents other than affecting Title to Land or Validity, enforceability or priority of mortgage lien 6
7 7
8 Commitment Required If the closing is to be conducted by an Issuing Agent or an Approved Attorney, a title insurance binder or commitment for the issuance of a policy of title insurance of the Company must have been received by you prior to the transmission of your final closing instructions to the Issuing Agent or Approved Attorney. 8
9 Coverage Limitations C. Subrogation - Knowing or voluntary impairment of value of subrogation right D. Limited to coverage provided Not affect commitment liability E. Prejudiced by delay in submitting claim Notice in writing Within 3 years of closing F. North Carolina property only 9
10 Commencement of Coverage The coverage herein offered will be effective: upon your disbursement of funds after you receive this letter until cancelled by written notice from the Company. 10
11 60 Find the Chart at: Legal Bulls Bulletins Articles & Forms Attorneys & Closings 11
12 Authorized Practice Advisory Opinion
13 May a nonlawyer [not under direct supervision of a NC licensed approved attorney] handle a residential real estate closing for one or more of the parties to the transaction? NO!!! 13
14 Authorized Practice Advisory Opinion Accordingly, a non-lawyer is engaged in the unauthorized practice of law if he or she performs any of the following functions in connection with a residential real estate closing (identified only as examples): 1. Abstracts or provides an opinion on title to real property; 2. Explains the legal status of title to real estate, the legal effect of anything found in the chain of title, or the legal effect of an item reported as an exception in a title insurance commitment except as necessary to underwrite a policy of insurance and except that a licensed title insurer, agency, or agent may explain an underwriting decision to an insured or prospective insured, including providing the reason for such decision; 3. Explains or gives advice about the rights or responsibilities of parties concerning matters disclosed by a land survey under circumstances that require the exercise of legal judgment or that have implications with respect to a party's legal rights or obligations; 4. Provides a legal opinion or advice in response to inquiries by any of the parties regarding legal rights or obligations of any person, firm, or corporation, including but not limited to the rights and obligations created by a promissory note, the effect of a pre-payment penalty, the rights of parties under a right of rescission, and the rights of a lender under a deed of trust; 5. Advises or instructs a party to the transaction with respect to alternative ways for taking title to the property or the legal consequences of taking title in a particular manner; 6. Drafts a legal document for a party to the transaction or assists a party in the completion of a legal document, or selects or assists a party in selecting a form legal document among several forms having different legal implications; 7. Explains or recommends a course of action to a party to the transaction under circumstances that require the exercise of legal judgment or that have implications with respect to the party's legal rights or obligations; 8. Attempts to settle or resolve a dispute between the parties to the transaction that will have implications with respect to their respective legal rights or obligations. 14
15 In with a thud 15
16 thud!!! 16
17 Go Figure!! N.C.G.S (d) (d) The premium rates charged for insuring against loss by reason of encumbrances and defective title and for insuring real estate closing services shall be based on the purchase price of the real estate being conveyed or the loan amount and shall not be established as flat fees. If a title insurer has also issued title insurance protecting a lender or owner against loss by reason of encumbrances and defective title, the insurer shall charge one undivided premium for the combination of the title insurance and the closing services insurance. 17
18 18
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