Closing Agents Clause Samples
The "Closing Agents" clause designates the individual or entity responsible for managing and facilitating the closing process in a transaction, such as a real estate sale. Typically, this clause outlines who will act as the closing agent—often a title company, attorney, or escrow agent—and may specify their duties, such as collecting and disbursing funds, preparing documents, and ensuring all contractual conditions are met before finalizing the deal. By clearly identifying the closing agent and their responsibilities, this clause helps streamline the closing process and reduces the risk of misunderstandings or delays.
Closing Agents. In order for a Closing Agent to be designated an Approved Payee with respect to any Purchase Price, Seller shall submit to Buyer the following documents:
(i) if the title company issuing the title policy that covers the applicable Purchased Mortgage Loan has not issued to Buyer a blanket Closing Protection Letter, which covers closings conducted by this Closing Agent in the jurisdiction where this closing will take place:
(1) a valid blanket Closing Protection Letter, in a form acceptable to Buyer, issued to Seller or Buyer by the title company, which is issuing the title insurance policy that covers the related Purchased Mortgage Loan, that covers closings conducted by the Closing Agent in the jurisdiction where this closing will take place and if applicable, an assignment to Buyer of such Closing Protection Letter, substantially in the form of Exhibit F hereto; or
(2) a valid Closing Protection Letter, in a form acceptable to Buyer, issued to Seller or Buyer by the title company, which is issuing the title insurance policy that covers the related Purchased Mortgage Loans, that covers the closing of this specific Purchased Mortgage Loan and if applicable, an assignment to Buyer of such Closing Protection Letter, substantially in the form of Exhibit F hereto; or
(3) if Closing Protection Letters are not available or are limited in their applicability in the jurisdiction where the closing takes place, any other documents Buyer may reasonably require, including without limitation an assignment to Buyer of Seller’s rights under its fidelity bond and errors and omissions policy, substantially in the form of Exhibit F hereto; and
(ii) evidence that the Irrevocable Closing Instructions, in the applicable form and signed by Seller and Buyer, have been delivered to such Closing Agent.
Closing Agents. (1) The term “closing agent” refers to title companies, escrow companies, qualified private attorneys, abstracters, or Federal employees familiar with the preparation of such evidence in the jurisdiction in which the lands are situated, that conduct activities for NRCS associated with the execution and recordation of the warranty easement deed. These activities will include—
(i) Obtaining title commitment binder and title insurance.
(ii) Obtaining signatures on Form NRCS-CPA-260, “HFRP Conservation Easement Deed.”
(iii) Obtaining signatures on Form AD-1158, “Subordination Agreement and Limited ▇▇▇▇ ▇▇▇▇▇▇(s).”
(iv) Working with landowners to clear title defects to the property that are unacceptable to NRCS.
(v) Recording easements and other documents.
(vi) Other functions as necessary or that may be required by State law to finalize the easement transaction as detailed in the scope of work.
(2) The State Conservationist will work with the regional OGC to develop a work order for acquiring closing agents. OGC will ensure that the work order lists all necessary closing agent qualifications and conditions, such as errors and omissions insurance, and identify closing agent responsibilities to develop closing instructions. The State Conservationist will ensure that the closing agent is qualified and certified by law to perform the required services in the State in which the land lies and is experienced, financially responsible, and reputable.
(3) Closing agent services may be acquired by Federal contract, interagency agreements, cooperative agreements, or other methods, as appropriate. It is recommended that States use a blanket purchase agreement or an indefinite delivery, indefinite quantity type arrangement. Costs for closing services may not exceed what is considered fair and reasonable. Funds for the closing services will not be obligated to each individual application. Closing services will be secured through an appropriate procurement method, and funds will be obligated directly to that procurement document. Funds would be obligated as closing services are ordered, through a task order process.
(4) Form AD-1157, “Option Agreement to Purchase,” states that NRCS may provide payment to the landowner through an escrow account managed by the NRCS closing agent. The landowner approves the payment to the escrow account through the execution of Form AD-1157, and therefore a separate assignment of payment form does not need to be executed by the landowner. NRCS w...
Closing Agents. The term “closing agent” refers to the person or entity that prepares and provides the documents and services needed to complete the easement transaction. The closing agent is typically not an agent of either party but simply the person entrusted to carry out all nonconflicting instructions from all parties. In WRP easement transactions, the closing agent is hired by NRCS and thus is considered a buyer’s agent. The closing agent may be a title company, escrow company, qualified private attorney, abstractor, or Federal employee familiar with the preparation of such evidence in the jurisdiction in which the lands are situated.
Closing Agents. With respect to Wet Mortgage Loans (other than any such Mortgage Loan originated in the State of New York), following Seller’s receipt of the Closing Protection Letter, Seller’s distribution of the Escrow Instruction Letter to the Closing Agent, the Disbursement Agent will aggregate and disburse funds directly to the loan closing with respect to the Wet Mortgage Loans that are subject to a Transaction hereunder. With respect to Mortgage Loans originated in the state of New York, following Seller’s receipt of the related fidelity bond and Seller’s distribution of the Escrow Instruction Letter to the Closing Agent, the Disbursement Agent will aggregate and disburse funds directly to the loan closing with respect to the Wet Mortgage Loans that are subject to a Transaction hereunder .
Closing Agents. To the extent possible, a list of all Closing Agents that Borrower will use to close Underlying Loans by Wet Settlement, together with Insured Closing Letters for such Closing Agents. [10] Field Examination. An on-site field examination performed by PNC's employees at PNC's expense.
Closing Agents. In order for a Closing Agent to be designated an Approved Payee with respect to any Purchase Price for Wet-Ink Mortgage Loans, Seller shall obtain and, if requested by Buyer, submit to Buyer the following documents:
(i) (1) a valid blanket Closing Protection Letter, in a form reasonably acceptable to Buyer, issued or assigned to Seller or Buyer by the title company, which is issuing the title insurance policy that covers the related Mortgage Loan and is an Acceptable Title Insurance Company, that covers closings conducted by the Closing Agent in the jurisdiction where this closing will take place and if applicable, an assignment to Buyer of such Closing Protection Letter, substantially in the form of Exhibit O hereto; or
Closing Agents. With respect to Wet Mortgage Loans (other than any such Mortgage Loan originated in the State of New York), following Seller’s or Guarantor’s receipt of the Closing Protection Letter and Seller’s or Guarantor’s distribution of the Escrow Instruction Letter to the Closing Agent, the Disbursement Agent will aggregate and disburse funds directly to the loan closing with respect to the Wet Mortgage Loans that are subject to a Transaction hereunder. With respect to Mortgage Loans originated in the state of New York, following Seller’s or Guarantor’s receipt of the related fidelity bond and Seller’s or Guarantor’s distribution of the Escrow Instruction Letter to the Closing Agent, the Disbursement Agent will aggregate and disburse funds directly to the loan closing with respect to the Wet Mortgage Loans that are subject to a Transaction hereunder .
Closing Agents. In order for a Closing Agent to be designated an Approved Payee with respect to any Advance, Borrower must submit to Lender the following documents: