When representing a client in a residential refinance, we typically render the following services:

    (1)    We will review the mortgage commitment and advise you of any issues that may arise from it;

    (2)    We will coordinate the closing with you and the your mortgage lender including a second appointment after the expiration of the rescission period;

    (3)    We will arrange to obtain a payoff figure and release(s) of your current mortgage(s) on the property.  Please provide us with the name(s) of your current mortgage or home equity loan/line holders and the loan numbers.  Certain lenders require written authorization from the borrower(s) to release this information to an attorney's office.  Such an authorization is enclosed for your signature.   Under certain circumstances, there are civil penalties associated with the lender's failure to provide a release of mortgage in a timely manner.  An action to recover these penalties on your behalf is outside the scope of the closing services defined herein.  If it becomes necessary to seek such penalties from your mortgage lender for failure to provide the release in a timely manner, we will enter into a separate fee arrangement with you. 

    (4)    We will arrange for a title search or title update of the property and obtain such title insurance policies as may be required or requested.  Undoubtedly, your lender will require a mortgagee's title insurance policy.  If you don't already have an owner's title insurance policy, we would strongly advise you to obtain one which can be purchased for a reduced additional premium.  If you would prefer us to use a specific title insurer, please let us know.  If you have an existing title insurance policy in effect, it may be possible to obtain a significant discount on the title insurance premium.  Please call us to discuss this in greater detail.  If we issue a title insurance policy, we will receive a commission from the title insurance premium which compensates us for the work we perform for the title company.  The portion we receive will in no way increase the insurance premium charged to you.  Both the title insurance premium and the amount we retain are subject to strict regulation by the Connecticut Department of Insurance.

    (5)    We will prepare the mortgage documents and work with the lender to satisfy any other closing requirements.  We will explain to you the legal significance of all documents.

    (6)    We will prepare the closing statement and the adjustments and review all figures with you prior to closing.   We will make a full accounting of all funds used in the transaction.

    (7)    We will attend the closing as your representative, and record all appropriate documents as soon as possible after the closing.

        Our fee does not include out of pocket expenses such as title search costs, recording fees, title insurance premiums, overnight mail or other costs and expenses associated with the closing.   If for some reason you do not close on the refinance, you will be required to pay all expenses incurred on your behalf (plus a reasonable fee for services that we have rendered.) If there is a second mortgage, i.e. home equity loan, at the time of the refinance, there may be an additional charge for the preparation of loan documentation and closing coordination. There will also be a $35.00 release tracking fee, payable to an outside vendor, for each release required to be filed on the land records.

    The examination of title generally will not reveal any building, driveway, or fence encroachments, or the location of sidewalks, boundary lines, zoning setback violations, or easements which can only be determined by an accurate current survey of the property.  If you wish to have this work done, you must contact a licensed Connecticut Land Surveyor.  We would be glad to assist you should you desire.  Further, the examination of title will not reveal any violation or zoning, subdivision, wetlands, building or housing code rules, regulations or ordinances.  Under normal circumstances a title search won't be performed until you receive your mortgage commitment.  If you wish a title search sooner, please let us know.

            The lender will require a policy of title insurance be issued at the time of closing.  The premium you will be charged is set by statute and determined by the amount of your mortgage.  You may be eligible for a reduced rate premium for the title insurance policy under certain conditions.  Please read the Notice of Availability of Refinance Rate for Reduced Title Insurance Premium, which is a part of this letter.  You must provide us with the name of the title insurance company that has issued a policy on your property. 

    PLEASE NOTE THAT AT THE TIME OF CLOSING, YOU WILL BE REQUIRED TO BRING A CERTIFIED CHECK OR BANK CHECK FOR THE NET BALANCE DUE, IF APPLICABLE.   On the other hand, if you will be receiving funds at the conclusion of the closing, we will issue this firm's client's funds check in the amount of the net proceeds payable to you.  If you require any different arrangements, such as multiple checks, wire transfers, certified funds, or bank teller's checks, it is important that you let me know at least two business days prior to closing so that we can make appropriate arrangements.  Any bank costs or charges associated with this will be deducted from the net proceeds