Please be advised Peterson Law Firm, PA has been engaged by the Buyer to act as the Closing Attorney for them in connection with the purchase of the subject property. As the Closing Attorney, we are not acting as your legal counsel in this transaction, however we do have a fiduciary responsibility to all parties involved.
Please be advised that you may choose to retain legal counsel to advise you in this transaction. Pursuant to the rules set forth by the South Carolina State Bar, we may conduct the Closing without you retaining separate counsel so long as there is no conflict of interest.
As the Closing Attorney, based upon all the information we presently have, it is our conclusion that the interests of the Buyer and Seller in connection with subject property are aligned and that we can manage the potential conflict of interest between Buyer and Seller in connection with Buyer's purchase of the subject property from Seller.
We have considered whether there is any obstacle to our representation of Buyer and Seller in the closing of the subject property and we do not believe there is. In the event a conflict should arise between Seller and Buyer, we assist the parties in attempting an amicable and mutually acceptable resolution. If the conflict cannot be resolved, we are required by ethics rules to withdraw as counsel for all parties. Each party would then be responsible for securing separate independent counsel.
Unless explicitly stated in writing, the BUYER is our client and we do NOT represent you, the seller, in this transaction. We advise you to seek legal assistance. No member of our firm can give you legal advice other than to obtain independent counsel of your choice.
As an accommodation to you, we are permitted to prepare documents you will need to sign at closing, such as the Closing Statement, Deed, Lien Waiver, 1099, etc. The drafting of these documents DOES NOT create an attorney-client relationship. We will draft the document consistent with the specification of the purchase agreement. If the purchase agreement does not indicate specifications, we will prepare the documents to advance the interests of the buyer.
If you will not be attending closing and will need a Power of Attorney or a Mail Away Closing we can draft these documents for an additional fee.
You also have the choice of retaining your own attorney to draft your documents. In that event please have the attorney send all necessary documents to our office at least 3 business days prior to the closing for our review and possible changes.
All parties authorize Peterson Law Firm, PA to provide a copy of the Closing Statement to listing and selling agents involved in the specific transaction.
Certain charges on the closing statement, including but not limited to courier and overnight fees and recording fees may not reflect the actual costs for such services and may in fact be more than the actual costs billed to our firm. Any such difference is intended to cover the administrative aspects of handling the particular item of service.
NOTE, IF FUNDS ARE DUE FROM YOU AT CLOSING WE WILL REQUIRE SAID FUNDS TO BE WIRED TO OUR TRUST ACCOUNT, UNLESS YOU RECEIVE PRIOR AUTHORIZATION TO REMIT CERTIFED FUNDS.
Under South Carolina Law and State Bar Regulations, our firm may not disburse checks or proceeds from closing until the deposit of all closing funds into our trust account has been confirmed and any necessary documents have been signed and reviewed by the Buyer's Lender. In the event we discover a change to the status of title to the property or if any funds delivered at closing are determined to be insufficient, we will withhold disbursement of checks and proceeds pending the resolution of such matter.
Please plan to bring to closing at least one of the following forms of VALID Photo ID
Current Driver's License
State issued identification card
If you have any other questions, please contact our office. Again, we thank you for the opportunity to do business with you.
DISCLOSURE AND CONSENT TO MULTI-PARTY REPRESENTATION
Peterson Law Firm, P.A. has been asked to perform the attorney duties in this real estate transaction in the course of the administration of these duties, Peterson Law Firm, P.A. will represent several parties to this real estate transaction, which may include but is not limited to the Buyer(s)/Borrower(s), the Seller(s), the Lender and any title insurance company loan documents utilized by a Lender and the Buyer(s)/Borrower(s).
Borrowers, Sellers, Lenders and Title Insurance Companies may have interests that are adverse to each other's interests. In the event a dispute arises between the parties which cannot be immediately resolved, Peterson Law Firm, P.A. will be required to withdraw from further representation of any party with respect to this transaction. Peterson Law Firm, P.A. will not represent any adversely positioned party in any attempt to resolve the dispute. Should any dispute remain unresolved, the adversely positioned parties may be required to seek other counsel besides Peterson Law Firm, P.A. at that party's own expense.
By clicking below each party acknowledges receipt of this disclosure and understand its contents hereby agrees to the multiple representations by Peterson Law Firm, P.A. as outlined in this disclosure.
I further authorize Peterson Law Firm, P.A. to open a file and commence with its duties despite such a potential for a conflict of interest in representing multiple parties. Download/Print Disclosure
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