Christopher Musial, Esq.
38 N. Main St. Weaverville, NC 28787
(P): (828) 645-4215; (F): (828) 645-4216;
SELLER ENGAGEMENT LETTER
WE REQUIRE THAT A COPY OF A VALID DRIVER’S LICENSE OR OTHER ACCEPTABLE FORM OF IDENTIFICATION BE RETURNED WITH THE EXECUTED DOCUMENTS IF SENT BY MAIL. IF DOCUMENTS ARE EXECUTED AT OUR OFFICE, WE REQUIRE A VALID FORM OF IDENTIFICATION AT THE TIME OF EXECUTION.
**DISCLOSURE REGARDING SELLER REPRESENTATION / DOCUMENT PREPARATION**
You may hire our office to represent you or you may have our office prepare seller documents for closing.
If we represent you, we will prepare seller documents, provide you with legal advice, and represent you in the event a dispute arises between you and the buyer.
If our office is asked to prepare "seller documents", we will do so (provided the buyer approves); however, should a dispute arise between buyer and seller, our office would not represent you. We do not represent you when we prepare seller documents; we are preparing the documents that are necessary for the buyer to close.
You must let our office know of any mortgages, liens, judgments, or other encumbrances that affect the subject property. If you have a mortgage, we will request a payoff good through at least three days following the closing date. Although our office can obtain payoff information on your behalf, it is sometimes faster to contact your lender yourself to obtain the payoff information.
IF YOU ARE MARRIED, your spouse will need to sign the deed conveying title to the property regardless of whether their name appears on your deed. There may be some specific circumstances where your spouse's signature is not required; you may contact our office for additional information.
If you are separated or divorced, please notify our office as soon as possible so we may determine who the necessary signatories may be. It is possible that your previous spouse may still need to sign seller documents.
**NOTICE OF WIRE FRAUD**
The North Carolina State Bar has notified attorneys of sophisticated scams specifically targeting real estate closings. In order to better protect you, our office requires that a disbursement authorization form be filled out with your wire information and returned to our office prior to or at the time of closing. This form must be notarized. We cannot accept a scanned version of the form. The most secure way to ensure your proceeds are wired to the correct account is to fill out the disbursement authorization form at our office on or before the closing date.
**NOTICE OF ROUTING NUMBER FOR WIRES**
The routing information found on a personal check may not be the same routing information required for a wire. Some banks have specific routing numbers to be used for wire transfers. To ensure that you have the provide the correct routing number, contact your bank to confirm the number the bank uses for wires. If you provide us incorrect routing information, your disbursement will be delayed.
Thank you for allowing our office to assist you in the upcoming sale of your property. If our office represents the buyer, our representation is limited to the preparation of the General Warranty Deed, Lien Waiver Affidavit, Settlement Statement, and tax forms that are necessary to complete the transaction.
Below please find information that we will need from you prior to closing, as well as the terms of our representation of you in this matter.
If you have an outstanding mortgage(s) on the property, we will need to obtain a formal payoff figure on the mortgage prior to closing. Online statements showing the current balance are not acceptable. Your mortgage provider should have a payoff number you can call to request a payoff, typically found on your monthly statement.
Because you accrue daily interest on your loan, and because the amount of the payoff is usually a large amount, it is our practice to overnight mail or wire all payoffs to the mortgage company. Typically, the quickest way to obtain a payoff is for you to contact your mortgage servicing company. The payoff should be good through at least 5 days after the closing date (e.g. if closing is on 01/10/2021, the payoff should be good through 01/15/2021). Please request that the payoff include a daily per diem figure, if possible.
Musial Law Firm PLLC can obtain payoffs on your behalf, but we will charge a payoff coordination fee of $50 per payoff for doing so.
Payoff figures are based on a written statement provided to us by your lender and are subject to change. Musial Law Firm, PLLC will receive a payoff quote from the lender(s) being paid off from the proceeds of this transactions. We rely on the information provided by the lender to calculate an accurate payoff amount. Mistakes and errors can occur in the presentation of payoff funds; for example, the receipt of the payoff may be delayed due to the overnight delivery carrier, the payoff amount quoted may not include a recent equity line draw, etc.
The undersigned immediately agrees to render to Musial Law Firm, PLLC any funds that are deemed necessary to cure any payoff shortage. Musial Law Firm, PLLC agrees to remit the payment to the appropriate lender. Any disputes with regard to a payoff shall be taken up directly with the lender after remitting the sums deemed to be a shortage to Musial Law Firm, PLLC. In the event a payoff amount results in an overpayment made to the payoff lender, it is your sole responsibility to follow-up with said lender for a refund of the coverage.
Prior Title Policy
If we represent the buyer in this transaction, we would like to locate a copy of your Prior Policy of Title Insurance. If you are able to provide us with a copy or can provide us with the name of the law office which represented you when you purchased the property, please do so as soon as possible.
Disbursement of Proceeds
In North Carolina, the closing attorney is not allowed to disburse any funds, including seller / realtor proceeds, until the deed (and deed of trust, if applicable) are recorded in the County Register of Deeds office. This means you will not receive a check at the closing table. Please allow between 24-48 hours from the date and time of closing for disbursement. The attorney for the buyer is responsible for disbursement to you. If we represent the buyer we will disburse in one of the two ways specified below.
Method of Disbursement
Our office can disburse funds in one of two ways - by check or by wire. If you choose to have funds wired to you, a wire fee of $50.00 will be added to the settlement statement. If you choose to have funds overnighted to you, a courier fee of $40.00 will be added. No fee is charged if you elect to pick up the check directly from the office.
Standard Seller Documents
If our office prepares seller documents on your behalf, you will need to execute some or all of the following documents:
General Warranty Deed;
Owner affidavit and indemnity agreement;
Closing Disclosure / ALTA Settlement Statement / HUD;
Non-foreign status certificate;
Correction Agreement and Limited Power of Attorney;
Marital Status Affidavit, Mortgage / Judgment Representation and Tenant Representation.
Our office will make every effort to provide the settlement statement to you as early as possible prior to closing. It is important that you review the settlement statement for accuracy upon receipt. If any changes need to be made, contact our office immediately.
Most of these documents will require notarization. You will be instructed on how to sign the documents at the time of signing.
Mail Away Closings
Sometimes it is impossible for the seller to attend closing in person. In these situations, a mail away closing will be necessary. Additional coordination is required to ensure the success of a mail away closing. If you know that you will not be able to attend closing, please let our office know as soon as possible so that we may prepare accordingly. Additional charges to you may apply for costs involved in sending and / or receiving the documents.
You will need to provide our office with a copy of your driver's license (or other acceptable form of identification) with the closing documents.
There are some circumstances under which our office will cease representing you as a client prior to closing, though we will do everything can to protect your rights and closing timeline should we do so. The following is a non-exhaustive list of possible reasons for disengagement:
Failure to sign and return this client and engagement letter in a timely manner.
Failure to pay any fees associated with closing as they come due (though most fees will be paid at closing, special circumstances may arise requiring payment prior to closing).
Hostile, rude, and / or disrespectful behavior to staff.
Failing to disclose a material matter to our office regarding the closing.
Ignoring advice of counsel.
We may attempt to resolve such situations prior to disengagement at our discretion.