We have given you all this particular tip in the recent past, but it is an important one and it can’t be stated enough: If you are paying off an Equity Line at closing – whether it is a purchase or refinance transaction – you will need to send the Equity Line Lender a Close Account Letter SIGNED BY THE BORROWER(s). Unfortunately, this is a significant source of claims and we do not consider the requirement in the title binder met unless we lay eyes on the close account letter.
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I wanted to take a moment to highlight a very interesting statute that has proven to be useful in facilitating closings under some fairly unique circumstances. Here is the statute in question:
“When any decedent has contracted to sell any real property and has given bond or other enforceable written contract to the purchaser to convey the same, the decedent’s personal representative may execute and deliver a deed to such real property and such deed shall convey the title as fully as if it had been executed and delivered by the decedent. No deed shall be made unless the purchaser complies with the terms of the bond or other written contract. If the contract for conveyance requires the giving of a warranty deed, the deed given by the personal representative shall contain such warranties as required by the contract and the warranties shall be binding on the estate and not on the personal representative personally.”
Now. . .let’s talk about the significance of this statute. It applies to closings in which the Seller contracts to sell the property and subsequently dies prior to the closing. Ordinarily, when property is being sold after an owner has passed, we require that the Notice to Creditors run at least once pursuant to NCGS 28A-17-12. We also require that the Deed be signed by the Executor and the Heirs. Under these circumstances, where the Seller executes the contract to sell, but dies prior to closing, we can dispense with the requirement to see a Notice to Creditors prior to the conveyance, as well as the need to have the Heirs execute the Deed. This may allow for a more efficient closing. It’s not something that happens often, but we have been presented with these facts three times in the last six months. Definitely something to keep in your back pocket!
From time to time we like to take a minute to highlight one of our many wonderful customers. This month we would like to give kudos to Cornelius-based attorney, Anne Coley, and her terrific staff.
Anne and her folks do many things exceptionally well, but one of the things we love is the fact that when they send us their Final Certifications, they include a copy of our commitment with each of the requirements checked off. In doing so, she and her Staff are demonstrating that they have carefully reviewed each of the requirements and have taken pains to verify that they have been met. Using our title commitment as a checklist is a wonderful idea!
Anne and Staff. . .from our Team to yours, you all are All-Stars!!!
As most of you know Summer has been with Barristers Title for almost three years. Since joining our Team, she has been a part of the Customer Care Team and assisted with Underwriting. She has proven to be a valuable member of our family. We have recently decided that our Sales Team could use a little creative and organizational support and Summer has decided to give it a go and has accepted our offer to become our first ever Sales Support Team Member.
Please join us in congratulating (and thanking!) Summer for her new position with the Barristers Team.
Congratulations (and Thanks!) Summer!
Click here to send Summer a note of congratulations.