HomeMy WebLinkAbout2012-076 DEAPR - Ferrell Firm for Title Work $3.250~?~i~ ~ ~ ~'t
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Ferrell Firm, P.C.
P. 4. Boa 16564
Cha~~~l Hi1~E,~Naeth ~Carali~na 27516
Tel~phone (919) $83-49fi0
Fax4866}441-6233
BRTAIV 1kI, FERREGL
E-MAfL: brian "(~'?a ferrellfrm.com
March 27, 201 ?
~o~in Raberts, Esquir~
Oran~e Gounty Attarney
P.C}. Box 8181
Hillsbarottgli, North Garolina ~7278
Mr. Rich Shaw
C}rang~ Coutaty, Norili C~rotir~a ERCD
P.U. Bax 8182
Hilisborc~t~gh? North Caralina 27?78
RE: En~;a~ernen~ for Legai Secvices; ~range County Purchase of a Conservation
Easenzent fram Mr. and Mrs. Denn'rs Broaks
Dear' .iohn 8c Rich:
Thank you far crantacting me re;arding Orange Caunty's need for legal assistance in the
clasi~~g af the above t:eferenced conservatioi3 easemezlt. I~tn pleased ta assist the County with
thi~ ~asem~nt transaction. If agreeable to the County, this letter estabiishes the terms of our
engagernent. I propose to perforr~~ the foltowing legal service~ on behalf ofthe Caunty.
Tit1e Search & Titl~ Insurance
I will eonduct a title search nn huo ~arcels of land havin~; Oran~e Gounty PTN 985~-9a-
4~39~ ("Traet 1"} and 9~$54-92-8491 ("T~•act ~2"), portions of wl~icl~ wi11 both 1~~: included in tlxe
conserva~ion ~asemeilt (~h~ "Easen~ez~t Froperty"}. I will car~duct a"full searcl~" co~mprising an
examination of the public records ftar na Iess fiha-z ~0 years. I wili begin my search for Tract 1
from S~ptember 1, 1~)78 and for Tract 2 fron~ February 4} ] 9$Q.
The County wiil be responsible far the payment of the title insurance premium estimated
by Tnvestars Title Iilsurance Cornpany. Tl~e premiun~t an~out~t will 6e' determined by the titl~
company based on the covez;age amount requested ~y the Gounty.
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Please also be aware that matters of zoning and environmental hazards are not
included in a standard title search; hence, if you require additional information from me
concerning these issues, please so advise immediately. Zoning laws affect setback and use
requirements to name a few. Environmental hazards include, but are not limited to, the existence
of radon gas, lead-based paint, underground storage tanks and asbestos.
Closin
I will prepare an Exhibit of Permitted Exceptions for insertion as "Exhibit B" to the
Easement Deed. I will also prepare a Subordination Agreement to subordinate the existing
Carolina Farm Credit deed of trust to the Easement. The Easement Deed was drafted and
negotiated prior to my involvement in this matter. Therefore, I will not have any responsibility
for preparation of the Easement Deed except for the preparation of Exhibit B. I will prepare a
closing statement to be executed by the parties at the closing which will be held at the Brooks'
attorney's office in Hillsborough. The parties agree to wire all closing funds and attorney's fees
into my trust account prior to the closing. I will make every effort to provide the parties with a
draft of the closing statement no less than 24 hours prior to the closing date. Following the
closing, I will update title and record the deed of easement at the office of the Register of Deeds
and prepare a final title opinion.
Ferrell Firm, P.C.'s flat fee is $3,250.00 for the work summarized above. The County
understands and specifically agrees that:
l. the flat fee is thc~ entire payment for the specified legal ~~ork to be performed by the
firrrr regardless of the amount of time that it takes the firm to perform the legal work;
2. the flat fee will be earned by the firm immediately upon payment and will be deposited
in the frrm's business account rather than a trust account; and
3. when our representation ends, the Counry will not be entitled to a refund of any
portion of the flal fee unless:
(a) the legal work is not completed, in which event a proportionate refund may be owed,
or
(b) it can be demonstrated that the flat fee is clearly excessive under the circumstances.
Please note that costs of the survey, environmental reports, insurance premiums, tax
stamps, recording fees, etc., are NOT included in the legal fee quoted above. In the event the
County requires representation prior to closing or additional legal work not referenced in this
letter becomes necessary (such as work associated with clearing any title defects), then I will
perform such work at your request at my normal hourly rate of $200 per hour.
Please understand that I must charge for all work performed even if this transaction fails
for any reason.
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Piease do not liesitate to contaet me with any questians or concerns regarding this letter.
Z laok farward to working with you both on this transaction on behalf of the County.
Sincer~ly,
G`
~an M.'~
F(~R THE
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The legal servi~es enga~ementi described herein is understcaad and agreed ta:
Qrange County, North Carolin
By:
Frank Cliftan Co t Man~~er
Date: ' ~ / T~
This 'nstrument has been pre-audited in tYt~ manner required by tl~e Local Governrnent Budget
` cal Cci~tral A . h
w , /1~~~
Qra e Caunty Finance Director