Agmt26 FN Veterans LLC - Laserfiche WebLink

Browse Search

First American Title Company File No.: 5405-7178329 (AK) ©First American Financial Corporation. All Rights Reserved. NYSE: FAF The Parties agree: •to execute documents required to complete the transaction and issue the Policy; •to provide any additional instructions to Settlement Agent or modify existing instructions to Settlement Agent in writing; •to disclose in advance to Settlement Agent any deposits of funds to be made by third parties, such as gift funds; all such deposits are subject to Settlement Agent’s acceptance of the funds and conditions and terms to be specified by Settlement Agent including providing contact information for any third-party depositors, furnishing their government issued identification, taxpayer identification (social security) number, address and occupation, and signing separate instructions regarding deposit and use of their funds; •to notify Settlement Agent of any error or omission in the settlement statement immediately upon receipt; •to comply with cancellation requirements of the Settlement Agent including payment of any service or cancellation fees required by Settlement Agent or applicable law; •to make up any shortages in funds due from the respective Party inadvertently omitted by the Settlement Agent or as a result of incorrect amounts shown on the settlement statement; and if any documents do not accurately contain all of the agreed terms of the transaction due to an error by Settlement Agent, any of the Parties, or others, the Parties will execute new documents to correct the error upon request by the other Party or Settlement Agent. •Parties will deposit funds in a timely manner, pursuant to contract terms, in the form of payment acceptable to Settlement Agent which payment must be made in compliance with the respective state’s good funds laws; payments made in any manner other than via wire transfer may delay final closing while Settlement Agent verifies the payment. •Buyer will be the withholding agent as prescribed under FIRPTA if the seller is subject to federal withholding; and •at closing, after review of the title commitment or preliminary report, Seller will represent and warrant that all outstanding bills on the Property are paid current, and that there are no liens on the Property, and there are no tenants or parties in possession of any of the Property, except as disclosed in the title commitment or preliminary report. Seller also agrees not to borrow any more funds from a line of credit secured by the Property and authorizes Settlement Agent to close the line of credit on Seller's behalf. D.Parties Acknowledge Limits of Settlement Agent Responsibilities As the Settlement Agent’s obligations are limited to the specific matters described above, unless otherwise provided for in these Instructions, the Parties and their agents will also be responsible for: •obtaining their own legal, tax or financial services for which a license is required; •obtaining fire, hazard or liability insurance from an insurance company or agent of Buyer’s choice. •coordinating delivery of possession (including keys) after closing; •verifying the condition of the Property and the completion or sufficiency of repairs; •tracking contract contingencies; •handling personal property issues such as transferring title to equipment, fixtures and other personal property, clearing any loans or liens on those items, and payment of personal property taxes; •transferring utilities; •paying bills not secured by the Property other than those shown on the settlement statements. If payment of an unsecured debt or bill not associated with the transaction is required by the Buyer’s lender, Buyer will supply Settlement Agent with information sufficient to make the payment and Settlement Agent will deliver payment to the creditor or to the Buyer, who agrees to send the payment to the creditor promptly. Payments made by Settlement Agent are an accommodation only and Settlement Agent is not liable for any interest, penalty, late charges or other sums due. Settlement Agent is not responsible for insufficiencies, overpayments, closing of accounts or obtaining any releases. •resolving conflicting instructions between the Parties before Settlement Agent closes the transaction; •paying or prorating any post-closing retroactive property tax assessment not insured against by the Policy including reassessment in value, change in land usage, including changes caused by natural disasters, construction of new improvements, failure to timely remove property tax exemptions, or loss of any homestead status; and •Buyer acting as the withholding agent under FIRPTA. Docusign Envelope ID: 1131A47F-15E2-4C18-84F4-92B41B2644DA