Laserfiche WebLink
DORSEY & WHITNEY LLP <br /> • <br /> Mr. Michael Mornson <br /> May 8, 1996 <br /> Page 2 <br /> Insurance, I would suggest the title insurance company be asked to hold the earnest <br /> money pending closing. If the earnest money is paid directly to the Sellers, the HRA <br /> would be at risk in obtaining the return of the earnest money in the event the <br /> Agreement was cancelled or the closing did not occur under circumstances which <br /> would entitle the HRA to a return of the earnest money. <br /> Following full execution of the Purchase Agreement, the following steps <br /> should be taken in order to proceed to closing: <br /> 1. In accordance with Section 7 of the Purchase Agreement, the Seller <br /> should provide the HRA with the Abstract of Title for the property; <br /> 2. The Abstract of Title should be submitted to a title insurance company <br /> to either be updated or to be reviewed by the title insurance company in order to <br /> issue a Commitment for an Owner's Title Insurance Policy for the HRA; <br /> 3. <br /> Upon issuance of the updated Abstract or the Title Insurance • <br /> P <br /> Commitment, I should review either of these in order to determine whether or not <br /> any objections to title need to be made. The procedure for objecting to title and <br /> curing any title objections set forth in the Purchase Agreement would need to be <br /> followed at this point. <br /> 4. If no objections to title are made, or if all objections are cured, the <br /> matter can proceed to close. <br /> Assuming the matter has proceeded to the point where it is in a position to <br /> close, the following procedures and documents will be necessary: <br /> 1. The closing documents need to be prepared d. These documents include: <br /> i Warranty Deed (ii) Affidavit; (iii) Certificate of Real Estate Value; (iv) <br /> Designation Agreement (copies of these documents are enclosed herein). The <br /> Designation Agreement is necessary if the closing is to occur anywhere other than-at <br /> a title insurance company. The form should specify that the Seller is the "Reporting <br /> Person for purposes of complying with the IRS reporting requirements. If the <br /> closing occurs at a title insurance company, the title insurance company will <br /> perform this function.. If there is a well on the property, the Seller must complete, <br /> sign and deliver to the HRA a Well Certificate (form enclosed). The Well Certificate <br /> must be filed along with the Warranty Deed. If there are no wells on the Property, is <br />