Terms of Use and Service

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.

By use of the website, the reQuire Release Tracking Services and/or the Release Tracking Opt-In Disclosure Assignment and Authorization Agreement, You engage reQuire to act on Your and Your client's behalf to track and obtain the release of lien from the Payoff Lender.

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 orders and the following required information and completion of the required actions:

REQUIRED INFORMATION PROVIDED BY SETTLEMENT AGENT:

  • 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 FEIN number.

REQUIRED SETTLEMENT AGENT ACTIONS:

Settlement Agent referring Release Tracking services to property owners/Obligors whose loans are being paid in full and who desire to engage reQuire after the closing of the transaction paying off the obligation, to research the appropriate land records and communicate with the appropriate payoff lender or servicer for the purpose of tracking, reporting and/or procuring the necessary release instrument to cancel, reconvey or otherwise extinguish the recorded lien securing the paid off account/Note.

Settlement Agent shall present to and have signed by all Obligor(s) engaging reQuire to perform Release Tracking services, the Release Tracking Opt-In (or Opt-Out as the jurisdiction may dictate) - Disclosure - Assignment and Authorization document at closing to permit the Obligor the option to engage reQuire's Release Tracking services and permit the placement of the Release Tracking services fee on the HUD-1 Settlement Statement at closing.  In placing the Release Tracking services fee(s) on the HUD-1, Settlement Agent shall list "reQuire, LLC" as payee, and disclose the services as "Release Tracking services" or other disclosure that accurately portrays the nature of the services purchased by the Obligor from reQuire, LLC.  Settlement Agent shall not up-charge or otherwise modify the fee charged nor shall they conceal the Release Tracking services fee(s) by its inclusion in an aggregate sum without proper and adequate disclosure to the Obligor.  Settlement Agent shall utilize the Invoice generated by the reQuire disbursement package generator for the services sought and deliver same to reQuire with full payment for the services.

For purposes of Release Tracking services ordered on behalf of Obligors, Settlement Agent agrees to act as the fiduciary and agent for the Obligor(s) and agree to abide by the terms herein for themselves and on the Obligor's behalf.  Nothing herein shall supersede or otherwise modify or cancel any of the Settlement Agent's duties, obligations or performances, regardless of its origin (e.g. Statutory, Regulatory or Contractual) associated with the issuance of a Title Policy or the conducting of the closing associated with the Release Tracking services order.

Settlement Agent acknowledges that reQuire is an independent Agent engaged to act on behalf of the Obligor and the Settlement agent for the purpose of tracking, obtaining and reporting the release of paid off liens. 

Settlement Agent hereby acknowledges that reQuire is not acting in any capacity as a Settlement Agent or fiduciary with regard to the performance of the closing and the underwriting and issuance of any Title Policy associated therewith.

Settlement Agent agrees reQuire is acting as an independent contractor with rights granted them by contract from the Obligor and/or Settlement Agent.  Nothing herein contained shall create an Employer/Employee relationship among 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 note in the Release Tracking software system the information associated with any fully executed releases received, recorded or unrecorded, from payoff lender.

Settlement Agent agrees to print and comply with any Statutory release documents or procedures when prompted by the Site or generated by the disbursement package generator after entry of an order.

Settlement Agent shall deliver to the appropriate Court, and pay all costs for the recording of any instrument of release, cancellation, Deed of Release, Certificate of Satisfaction or other release instrument received by payoff lender or by reQuire.

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.

REQUIRED LIEN PAYOFF AND RELEASE INFORMATION:

The Settlement Agent ordering Release Tracking services on behalf of Obligors shall provide reQuire the following lien & recording information for each payoff requiring a lien release:

  • 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 as it appears on the recorded security instrument.
  • Date of the signing and recording of the subject security instrument.
  • Trustee(s)' full name where applicable.
  • Amount of original lien as it appears on the recorded security instrument.
  • Obligor(s)' full name(s), and post-closing contact information. - Typically the Seller(s) in a sales transaction or the Borrower in a refinance transaction.
  • Property Address and/or Property description of the secured property.
  • The legal local 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 order.

Settlement Agent shall notify reQuire of any change (e.g. cancellation or rescission of Real Estate Transaction, or correction of lien disbursement information) affecting a Release Tracking order.

RELEASE TRACKING DEFINITIONS:

Lien:  A legal right or security interest that a Payoff Lender or creditor has in the Obligor's real property.  The lien is typically perfected by the signature of the authorized lender or servicer or other authorized party required by State law, and presented, recorded and indexed in the appropriate public land records system dictated by State law.

Deed of Trust: A deed that resembles a mortgage. A deed conveying title to real property to a trustee as security until the grantor(Obligor) repays the loan.  When referred as the lien instrument it is synonymous with Mortgage, Deed to Secure Debt and other security instruments recorded in the public land records as notice of Original Lender's lien on the subjectproperty.

Original Lender: The lender to whom a security interest in real property was initially granted through the execution by the then owner of a security instrument  securing the repayment of a Note or loan.

Payoff Lender:  The lender who currently services the payment of the loan.  It is the lender that provided the payoff statement, and is receiving the payoff funds for full payment of the loan.

FEES:

Fee Amount: The fee amount per release record is $35.00. Fees are subject to change without notice.

You agree to disburse Borrower/Obligor's or Seller's payment to reQuire for Release Tracking services on the HUD-1 as permitted by Borrower/Obligor or Seller.  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 are Quire'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 and the Obligors benefit only, and not for the benefit of any other third party. 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.