Updated almost 3 years ago on . Most recent reply
Hold Harmless Document Signing Request
As a seller in the transaction, I was just asked by the closing facilitator to sign a hold harmless document requested by the closing attorney. I’m not clear on what this is for since this was never requested the last two times I went through this. It states the below:
“Engagement and Representation Acknowledgment
The undersigned parties, Purchaser(s) and Seller(s) acknowledge that they have been notified by XYZ, LLC ("the Firm") of the following:
The Firm represents only the Purchaser in this cash purchase transaction and may only be relied upon by the Purchaser to represent them or advocate for their interests in the transaction. The attorney fees outlined in the closing settlement statement are for fees charged by the Firm as compensation for the settlement services and only represent a fee for legal advice or services provided to the purchaser. The Seller is entitled to retain counsel of their own if they wish to do so.
Parties acknowledge receipt of a copy of this notice and understand their rights and responsibilities as it relates to such.”
Can someone help me understand the purpose?