Our closing fee is $500.00 for properties located in Durham County. For properties located in Orange County, there is an additional cost of $100.00 in paralegal fees. The service we provide includes a title search and preparation of documents for one (1) loan transaction. Document preparation for a second loan and/or other legal work is not included in this fee. Out-of-pocket expenses for a survey, termite report, title insurance, hazard insurance, express mail and recording fees are not included in this fee. The attorney's fees are included in the settlement statement and do not require separate payment.

Most closings do not require services beyond that described above. However, if you require representation prior to closing, or additional legal services, such as the preparation of an escrow or encroachment agreement, a separate fee will be charged to cover the services involved.

Your funds for closing, as mandated by law, must be in the form of certified or bank check made payable to: McGibney & Jordan, P.A. Trust Account. Personal checks for sums under $100.00 are acceptable.

If you are married or have a co-borrower for your loan, please be aware that your spouse and/or co-borrower must also be at closing to execute the loan documents and related instruments.

All parties signing loan documents need to bring photo identification (ex. driver's license) with them to the closing.

If you intend to close on an equity line deed of trust or second deed of trust at the time of your purchase transaction, please advise us immediately upon receipt of this letter.

We offer two options respecting the type of title search to be performed. We may conduct a title update examination, which is included in the legal fee quoted above. In the alternative, we can conduct an extended search comprised of a forty to sixty year examination of the public records which will be billed to you at an hourly rate of $100.00 for any time spent on the search beyond a title update.

A title update examination begins with the date and time of issuance of a prior title insurance policy (hereinafter "Start Date"). This means that we will not search the public records filed prior to the "Start Date". As a result, you will rely on a title insurance company to cover you as to matters of title, not our examination of the public records, against all claims which are not excepted from the title insurance policy, even if such claims arise out of defects or encumbrances which are reflected in the records filed prior to the "Start Date".

If you would prefer a full search, please advise us as soon as possible, so that we may have sufficient time to perform this service for you.

Matters of zoning and environmental hazard are not included in a standard title search. Zoning laws may affect setback and use requirements for landowners. Environmental hazards include, but are not limited to, the existence of radon gas, lead-based paint, underground storage tanks and asbestos.

The title search and survey for your property can take a substantial amount of time. Unless we hear otherwise from you, we will begin this work shortly after we have been retained by you. Please understand that we must charge for all work performed for you even if your transaction fails to close for any reason. If you are not certain about your transaction, we suggest contacting us to schedule the start of our work for you. If we must delay beginning our work for you until a few days before your scheduled closing, we may be required to reschedule your closing.

We have established a procedure for payment of the seller's existing mortgage loan following the conclusion of the closing transaction. We forward a payoff check to the owner and holder of the note with a cover letter directing the owner and holder to mark the original note and deed of trust securing the note "paid and satisfied in full". Then, we request the original papers to be returned to us. Upon receipt of the "paid and satisfied" papers, we deliver the papers to the appropriate county registry for cancellation. We include in our payoff letter a reference to North Carolina General Statutes § 45-36.3(a)(1) which requires the "holder of the evidence of the indebtedness" to "within sixty days discharge and release of record such document and forward the document to the grantor, trustor, or mortgagor".

However, we will not pursue litigation as permitted by applicable statute in order to compel the existing lender to comply with State law. Rather, we shall close your file within a reasonable time after the closing transaction has been completed. If the prior holder of indebtedness has failed to comply with North Carolina law, you will need to seek representation from a firm that primarily engages in litigation in order to seek redress.

Thank you again for your interest in this firm. We look forward to seeing you soon.