Posted by Linda Juenger on 9/10/12 11:47am
Msg #433774
Has anyone signed this agreement with Old Republic??
I am going back and forth with them saying this is for a "Settlement Company", not a notary. They are refusing to pay me until I sign it. I am very uncomfortable with this. Thoughts??
SETTLEMENT COMPANY CLOSING AGREEMENT
This Agreement is executed this ____ day of _______________, 20__, by and between Old Republic National Title Insurance Company, (“ORNTIC ”), of 20 S. Clark, Suite 2000, Chicago, IL, and _____________________________, hereinafter referred to as the Settlement Company (“ Settlement Company ”), of __________________________________. ORNTIC is in the business of providing real estate title insurance and related services in the State of Illinois. As an integral part of providing said title insurance policies ORNTIC conducts escrow closings. Due to constraints and limitations in personnel, time and, space, ORNTIC is desirous of obtaining closing services from Settlement Company both within ORNTIC”S own closing office and at remote locations as requested by ORNTIC’s customers. The Settlement Company is desirous to provide escrow closing services
Therefore, the parties mutually agree as follows:
1. Settlement Company shall conduct closings of real estate transactions in accordance with industry standards and practices and shall conduct Settlement Company’s business in a safe sound and prudent and ethical manner and in accordance with (a) lenders instructions; (b) generally accepted title insurance principals; (c) rules and instructions of ORNTIC and (d) any statutes, rules and regulation enacted and or promulgated by any state, federal or regulatory body.
2. Upon issuance of a Commitment for Title Insurance by ORNTIC or its agents, in any real estate transaction in which Settlement Company is conducting the closing , ORNTIC may issue an American Land Title Association (ALTA) insured closing letter to the lender in said real estate closing.
3. Settlement Company is not authorized to act as agent for ORNTIC for any purpose whatsoever, including but not limited to the issuance of title insurance, closing of real estate transactions preparation of documents, adjusting claims for loss or accepting service of process.
4. Settlement Company will forward a complete copy of the executed closing package as well as copies of all other documents used in the closing including but not limited to copies of identification of all borrowers and sellers if any, for which the Settlement Company performs the closings.
5. Settlement Company shall immediately advise ORNTIC of any notice against or defect in a title insured or on which a commitment was issued, based on any claim arising from a closing where the ORNTIC has issued an insured closing letter or its title policy. Settlement agent will immediately forward to Company a complete copy of the escrow file and closing instructions. The Settlement Company shall assist without charge to Company in investigating, adjusting or settling any claim. The Settlement Company will notify Company of any suit or notice it receives or comes to its attention.
6. Settlement Company shall indemnify, protect defend hold harmless and be liable to the Company for any losses that the Company may sustain or incur, including court cost attorneys fees through final adjudication under any closing performed by Settlement Company occasioned by any fraud intentional act or omission or negligence of Settlement company in performance of its undertaking hereunder including but not limited to any loss resulting from any error in closing of a real estate transaction or any loss resulting form a violation of this Agreement.
7. Settlement Company authorizes Company to verify and exchange information regarding Settlement Company and or its principals and any current or subsequent contractual agreement including but not limited to requesting investigating consumer reports records of criminal convictions credit reports and or consumer reports information at any time.
8. Settlement Agent shall be paid for closings services at the time of closing and upon disbursement. The Settlement Agent shall be paid $__*_____ for each purchase closing and $___*____ for each refinance closing and $____*_______ for each notary signing. Travel and other expenses will not be reimbursed by ORNTIC and are the responsibility of the Settlement Agent.
9. Settlement Agent agrees to maintain and protect the confidentiality of ORNTIC’s technical and financial data, processes, trade secrets, identity of customers, policies and procedures. ORNTIC agrees to maintain and protect and cause its employees to maintain and protect the confidentiality of Settlement Agent rate invoices, methods of doing business and customers. ORNTIC will have no responsibility to maintain or protect the confidentiality of information that may become generally available to the public other than a disclosure from ORNTIC or its employee.
10. It is understood by parties that if Settlement Agent is an individual then they are an independent contractor with respect to this Agreement and not an Employee of Old Republic National Title Insurance Company. ORNTIC will not provide fringe benefits, including health insurance benefits, paid vacation, or any other Employee benefit.
11. All notices required or permitted under this Agreement shall be in writing and shall be deemed delivered when delivered in person or deposited in the United States mail, postage paid, to the above addresses. Such addresses may be changed from time to time by either party by providing written notice in the manner set forth above.
12. This Agreement contains the entire agreement of the parties and there are no other promises or conditions in any other agreement whether oral or written. This Agreement supersedes any prior written or oral agreements between parties.
13. This Agreement may be modified or amended, if the amendment is made in writing and is signed by both parties.
14. If any provisions of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
15. The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver or limitation of that party’s right to subsequently enforce and compel strict compliance with every provision of this Agreement.
16. This Agreement shall be governed by the laws of the State of Illinois.
*see attached Contract Closer fee schedule
17. The Contractor agrees not to hire or solicit employment of any of ORNTIC’s personnel during the term of this Agreement and for a period of one year after the conclusion of this Agreement.
18. This agreement may be terminated at anytime without cause by either Settlement Company or Company at anytime upon 30 calendar day’s written notice. The liabilities and obligations of Settlement Company as set forth in this agreement shall survive the termination of this Agreement by either party either with or without cause.
Old Republic Title National Title Insurance Company:
_________________________________________
By: ______________________________________
Contactor:
By: _______________________________________
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