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Use of our website and the services provided by
reQuire, LLC constitute your and your agents',
employees' agreement to these Terms of Use and
Service.
RELEASE TRACKING SERVICES AGREEMENT
IMPORTANT NOTICE TO USERS - PLEASE READ CAREFULLY
YOU (HEREINAFTER "YOU" OR "SETTLEMENT AGENT") MAY
NOT ACCESS THIS WEB SITE (THE "SITE") OR USE THE
SERVICES PROVIDED BY REQUIRE, LLC, A VIRGINIA
LIMITED LIABILITY ("REQUIRE"), PROVIDED ON THE SITE
(THE "SERVICES") UNLESS YOU FIRST REVIEW AND ACCEPT
THE TERMS AND CONDITIONS OF THIS SERVICES AGREEMENT
("AGREEMENT") BY CLICKING "I AGREE" ABOVE THIS FILE.
BY CLICKING "I AGREE," YOU REPRESENT AND WARRANT TO
REQUIRE THAT YOU ARE A SETTLEMENT AGENT AND HAVE
AGREED UPON THE SPECIFIC TERMS AND CONDITIONS FOR
RECEIPT OF SERVICES.
You agree to provide ReQuire the following Title &
Payoff Information for each real estate loan payoff
("Payoff") for which You order services via its
Internet product, reQuire Release Tracking. ReQuire
is not required to provide any Release Tracking
Service until it receives full payment for each lien
release and the following required information.
REQUIRED SETTLEMENT AGENT INFORMATION:
- Settlement Agent's name
(corporate or individual as the case may be) and
street address.
- Settlement Agent's e-mail
address.
- Settlement Agent's
employees and agents permitted to access the
account information.
- Name of individual
ordering the Service, along with a telephone
number and fax number.
- Settlement Agent File
Number or Escrow Number.
- Settlement Agent CRESPA
number, or FEIN number.
REQUIRED SETTLEMENT AGENT
ACTIONS:
Settlement Agent shall utilize and present to
Obligor(s) the Invoice for services (included in the
payoff disbursement package) containing the
disclosure an assignment terms. Settlement agent
agrees to act as fiduciary and agent for the
Obligor(s) and agree to abide by the terms herein on
behalf of their clients.
Settlement Agent acknowledges that reQuire, LLC.
(hereinafter "reQuire") is an independent reQuire
hired by reQuire to act as assignee/subrogee of
Borrower/Obligor or Seller.
Settlement Agent hereby acknowledges that reQuire is
acting as an independent Designee/Assignee/Subrogee
of the Obligors under the subject notes and Deeds of
Trust. Nothing herein contained shall create an
Employer/Employee relationship between the parties.
Settlement Agent agrees to provide accurate and
complete information requested by the system or
employees of reQuire to facilitate fast and accurate
release tracking procedures.
Settlement Agent agrees to input any fully executed
releases received, recorded or unrecorded, from
lender into the Site.
Settlement Agent agrees to print and comply with any
Statutory release documents or procedures when
prompted by the Site.
Settlement Agent shall deliver to the appropriate
Court, and pay all costs for the recording of any
instrument of payoff release, Deed of Release or
Certificate of Satisfaction obtained by or through
reQuire's Services.
reQuire and Settlement Agent mutually agree not to
disclose the content of any documents related to
reQuire's services or Settlement Agent escrow files
to any third parties except as required to obtain
lien release(s) or to enforce the rights of
Borrower/Obligors and Sellers and reQuire as
Assignee and Subrogee of Obligors in a court of law.
REQUIRED LIEN PAYOFF AND RELEASE INFORMATION:
The Settlement Agent ordering Lien Release Tracking
shall provide reQuire the following lien & recording
information for each lien release tracked pursuant
to payoff:
- State/Jurisdiction or
situs of the property encumbered by the lien.
- City or County Clerk's
instrument record (index) identifier (Deed Book,
Page, Instrument Number etc.) for the lien to be
tracked e.g. Deed of Trust, Deed to Secure Debt,
Mortgage, etc.
- Original Lender's full
name.
- Date of the Deed of Trust
- Trustee(s)' full name.
- Amount of original lien.
- Obligor(s)' Grantor(s)'
name. - Typically the Seller(s) in a sales
transaction or the Borrower in a refinance
transaction.
- Property Address and/or
Property description.
- The legal tax identifier
for each property.
- Name, Department, and
Address of the Lender currently holding lien
Note being paid off by Settlement Agent.
- Exact payoff amount
disbursed by Settlement Agent.
- Disbursement date.
- Method of disbursement
e.g. check number or wire transfer
- Current Lender's Loan
number identifying the Note being paid off.
OTHER REQUIREMENTS:
reQuire and Settlement Agent shall use the reQuire
Tracking Number assigned by reQuire in all
correspondence and documentation regarding a Release
Tracking Record.
Settlement Agent shall notify reQuire of any change
(e.g. cancellation or rescission of Real Estate
Transaction, correction of information) affecting a
Release Tracking Record.
RELEASE TRACKING DEFINITIONS:
Lien: A legal right or security interest that a
Payoff Lender or creditor has in the Obligor's real
property.
Deed of Trust: A deed that resembles a mortgage. A
deed conveying title to real property to a trustee
as security until the grantor repays the loan. Used
synonymously with Mortgage, Deed to Secure Debt and
other security instruments recorded in land records
as notice of Original Lender's lien on the subject
property.
Original Lender: The lender to whom interest in the
property was initially granted
Payoff Lender: The lender who currently holds the
loan, is currently accepting payments, has provided
the payoff statement, and is receiving the payoff
FEES:
Fee Amount: The fee amount per release record is
$35.00. Fees are subject to change without notice.
You agree to charge Borrower/Obligor or Seller on
HUD-1 for services. In the event Borrower/Obligor
or Seller refuses to pay for release tracking
services, Settlement Agent agrees to be responsible
for payment of fees for services rendered.
Payment of Fees: Invoices are due upon Receipt. You
may remit payment to reQuire by mail or by wire. If
You dispute any specific charge, You shall promptly
pay the remainder of the bill and promptly notify
ReQuire in writing under separate cover of the
reason You are disputing the charge. If You pay less
than the full amount of any of reQuire's bills, it
is Your responsibility to identify the Real Estate
Closing Transaction to which the partial payment
relates and the Release Tracking Record for which
payment is not being made. In the event that an
invoice is not paid in full, and You do not identify
the Real Estate Closing Transaction to which partial
payment relates, credits for payments will be
applied first to the Closing(s) with the oldest
date(s) of initiation of service. Any Release
Tracking Record not paid for in full will not be
processed and the indemnification provided below in
this Agreement shall not apply.
Unless You have disputed an amount in the manner
required above, all amounts not paid within thirty
(30) days of Your receipt of the bill will be
assessed a late charge of 1.5 % per month or the
maximum charge permitted by law, whichever is less,
until paid in full. If either party brings an action
arising out of a fee dispute under this Agreement,
the prevailing party in that action, as determined
by the arbitration panel, court or other presiding
authority, shall be entitled to recover all
reasonable costs and expenses of arbitration or
litigation, including reasonable attorneys' fees,
court costs, costs of investigation and other costs
reasonably related to such proceeding.
The parties agree that any fee imposed by reQuire
under this Agreement for a particular Service will
automatically increase in the event any governmental
authority imposes a charge on reQuire in connection
with reQuire's rendering of that Service. Such
increase in any such reQuire fee will be in the
amount necessary to cover in full any such
governmentally-imposed charge and shall take effect
as of the date such new government charge takes
effect. Any state or local sales tax which may be
owed due to the purchase of a reQuire’s services in
any state will be Your responsibility to collect,
report, and pay to the appropriate taxing authority.
Cancellation of Order: You shall have five days
following the placement of release tracking order to
modify or cancel ("Cancellation Period"). If order
is not canceled within the Cancellation Period, the
full release tracking fee shall be due and payable.
If You cancel within the Cancellation Period, you
agree not to use the documents generated by reQuire
Release Tracking Service.
INDEMNIFICATION:
1. Indemnity. You hereby agree to indemnify, defend
and hold reQuire harmless from and against any
damages to You or your agents, clients, or employees
due to Your actions or omissions under this
Agreement, including, but not limited to, failure to
properly payoff the complete obligation on behalf of
the obligors, providing incorrect or incomplete
Title & Payoff Information or Your negligence in the
use of the Services.
2. Limitation of Liability. You acknowledge that
ReQuire has not priced its Services to contemplate
the risks of reliance by You on the Services or to
have or assume substantial liability or
responsibility for your decisions, other than the
Indemnification set forth expressly herein.
ACCORDINGLY, TO THE MAXIMUM EXTENT PERMITTED BY
APPLICABLE LAW, IN NO EVENT WILL REQUIRE BE LIABLE
TO YOU FOR ANY COMPENSATORY, CONSEQUENTIAL,
INCIDENTAL, DIRECT, INDIRECT, SPECIAL OR PUNITIVE
DAMAGES, WHATSOEVER, INCLUDING, WITHOUT LIMITATION,
ANY LOST PROFITS, LOST SAVINGS, BUSINESS PROFITS,
BUSINESS INTERRUPTION, OR ANY OTHER LOSS, ARISING
OUT OF THE USE OR INABILITY TO USE THE SERVICES
(COLLECTIVELY "LOSSES"), EVEN IF A REPRESENTATIVE OF
THE REQUIRE HAS BEEN ADVISED OF THE POSSIBILITY OF
SUCH DAMAGES, AND REGARDLESS OF WHETHER LOSSES ARE
SUFFERED BY YOU OR ANY OTHER THIRD PARTY. You agree
that the foregoing represents a fair allocation of
risk hereunder and is a material inducement for
reQuire to enter into this Agreement. SOME STATES OR
JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR
LIMITATION OF INCIDENTAL, CONSEQUENTIAL OR SPECIAL
DAMAGES, SO THE ABOVE LIMITATIONS MAY NOT APPLY TO
YOU. IN ANY JURISDICTION WHERE THE EXCLUSION OF
LIMITATIONS ON THE TYPE AND/OR AMOUNT OF LOSSES DO
NOT APPLY, REQUIRE'S LIABILITY FOR LOSSES SHALL BE
LIMITED TO THE MAXIMUM EXTENT PERMITTED BY THAT
JURISDICTION'S APPLICABLE LAW.
MISCELLANEOUS:
You may not assign Your rights or obligations under
this Agreement without the prior written consent of
reQuire. reQuire's Services hereunder are provided
for Your benefit only, and not for the benefit of
any third party, including any borrower. No
amendment, modification or waiver of any provision
of this Agreement shall be effective unless in
writing and signed by duly authorized signatories of
both parties. The waiver by either party of a
default under any provision of this Agreement shall
not be construed as a waiver of any subsequent
default under the same or any other provision of
this Agreement, nor shall any delay or omission on
the part of either party to exercise or avail itself
of any right or remedy that it has or may have
hereunder operate as a waiver of any right or
remedy. This Agreement shall be governed by and
construed in accordance with the laws of the
Commonwealth of Virginia, United States of America,
without reference to its conflicts of laws
provisions. The parties expressly agree that any
action arising out of or relating to this Agreement
shall be filed and maintained only in the courts of
the Commonwealth of Virginia for Virginia Beach
County or the United States District Court for the
Eastern District of Virginia. This Agreement and the
rights and obligations hereunder may not be assigned
or delegated by You, in whole or part, whether
voluntarily, by operation of law, change of control
or otherwise, without the prior written consent of
reQuire. Subject to the foregoing, this Agreement
shall be binding upon and inure to the benefit of
the parties and their respective successors and
permitted assigns. In the event that any of the
provisions of this Agreement shall be held by a
court or other tribunal of competent jurisdiction to
be invalid or unenforceable, the remaining portions
hereof shall remain in full force and effect the
intent of the parties and shall be reformed to the
extent necessary to make such provision valid and
enforceable. |
