Closing Costs Clause Samples
The Closing Costs clause defines which party is responsible for paying the various fees and expenses associated with finalizing a transaction, such as a real estate sale. Typically, these costs may include title insurance, escrow fees, transfer taxes, recording fees, and attorney fees, and the clause will specify whether the buyer, seller, or both share these expenses. By clearly allocating financial responsibility for these costs, the clause helps prevent disputes and ensures both parties understand their obligations at closing.
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Closing Costs. The costs attributed to the Closing of the Property shall be the responsibility of ☐ Buyer ☐ Seller ☐ Both Parties. The fees and costs related to the Closing shall include but not be limited to a title search (including the abstract and any owner’s title policy), preparation of the deed, transfer taxes, recording fees, and any other costs by the title company that is in standard procedure with conducting the sale of a property.
Closing Costs. With respect to each Property:
(a) Purchaser shall pay (i) subject to Section 5.4(c), any assumption fees in connection with its assumption of the Assumed Loans; (ii) any mortgage or similar taxes on new financing obtained by Purchaser (including the Seller Loans); (iii) any taxes associated with the assumption of the Assumed Loans; (iv) any sales taxes, use taxes, or similar charges; (v) any premiums or fees required to be paid by Purchaser with respect to the applicable Title Policy pursuant to Section 4.1; (vi) one-half (1/2) of the customary closing costs of the Escrow Agent; (vii) the fees of any counsel or consultant representing Purchaser in this transaction; and (viii) any Special Purpose Entity Fees.
(b) Each Seller shall pay (i) the base premium for the applicable Title Policy to the extent required by Section 4.1; (ii) the cost of recording any instruments required to discharge any liens or encumbrances against such Seller’s Property; (iii) one-half (1/2) of the customary closing costs of the Escrow Agent; (iv) the fees of any counsel or consultant representing such Seller in this transaction; (v) all late fees, penalties or subject to all other applicable provisions of this Agreement, any other sums due on the Assumed Loans through the date immediately preceding the Closing Date (applies only to the Assumption Sellers and applicable only if such Property has not been converted to a Payoff Property); and (vi) any other closing costs or charges customarily borne by a seller of commercial real estate in the state in which the applicable Property is located which are not expressly provided to be paid by Purchaser in Section 6.5.10(a).
(c) The parties shall pay the transfer, sales, use, gross receipts or similar taxes charged in connection with the transfer of each Property according to the custom of the state or commonwealth in which such Property is located. In light of the foregoing, the parties agree that (a) Seller shall pay any transfer, sales, use, gross receipts or similar taxes charged in connection with the transfer of those Properties located in the States of Georgia, Ohio, South Carolina and the Commonwealth of Virginia, and (b) Purchaser shall pay any transfer, sales, use, gross receipts or similar taxes charged in connection with the transfer of those Properties located in Colorado.
Closing Costs. Closing Cost shall be paid as follows
Closing Costs. (a) The Purchaser shall pay (i) the costs of closing and diligence in connection with the transactions contemplated hereby (including, without limitation, all premiums, charges and fees of the Title Company in connection with the title examination and insurance policies to be obtained by the Purchaser, including affirmative endorsements), (ii) fifty percent (50%) of all documentary, stamp, sales, intangible and other transfer taxes and fees incurred in connection with the transactions contemplated by this Agreement, and (iii) fifty percent (50%) of all state, city, county, municipal and other governmental recording and filing fees and charges.
(b) The Seller shall pay (i) fifty percent (50%) of all documentary, stamp, sales, intangible and other transfer taxes and fees incurred in connection with the transactions contemplated by this Agreement, and (ii) fifty percent (50%) of all state, city, county, municipal and other governmental recording and filing fees and charges.
(c) Except as otherwise set forth in this Section 9.2, each party shall pay the fees and expenses of its attorneys and other consultants.
Closing Costs. The costs attributed to the Closing of the Property shall be the responsibility of: (check one)
Closing Costs. Closing costs shall be allocated between Seller and Purchaser in accordance with Section 1.2.
Closing Costs. Buyer and Seller shall share equally in the following closing costs of the transaction: escrow agent’s fees, recording fees, and any other costs of the title company that are customarily shared by a buyer and seller in the jurisdiction in which the Property is located. Buyer shall be responsible for the cost of the owner’s policy of title insurance and the cost of any loan policy in favor of Buyer’s lender.
Closing Costs. Seller shall pay the following closing costs in connection with the Act of Sale: Seller’s administrative costs and appraisal fees. All other costs of Closing, including, but not by way of limitation, the cost of title research, notarial fees for passing the Act of Sale, recordation costs, title insurance and/or examination, survey, re-draw fees and all fees and costs of services related to any financing shall be paid by Buyer. All taxes, assessments, condominium dues and the like for the current year will be deemed prorated as of the date of Closing. All prior years taxes, condominium dues and Homeowner’s Association dues are the responsibility of Seller. The parties mutually acknowledge that Seller is a non-profit corporation, and is exempt from the assessment or payment of ad valorem taxes on the Property during the period of Seller’s ownership. The parties further acknowledge that no monetary charges or credits of ad valorem taxes will be made at Closing, and that Buyer will relieve the closing Notary, Seller and the title insurance company insuring the title to the Property in favor of Buyer of any liability therefore. To the extent that any taxes attributable to the period of Seller’s ownership may later be determined to be due, such taxes shall be deemed to have been prorated as of the date of Closing, and Buyer shall be obligated to pay his pro-rata share of such taxes. Buyer shall assume the payment of the unamortized amount of all public improvements (Sewer and Paving Liens) bearing against the Property as of the date of Closing.
Closing Costs. Seller will pay one-half of escrow fees, the cost of the title commitment and any brokerage commissions payable. The Buyer will pay the cost of issuing a Standard Owners Title Insurance Policy in the full amount of the purchase price, if Buyer shall decide to purchase the same. Buyer will pay all recording fees, one-half of the escrow fees, and the cost of an update to the Survey in Sellers possession (if an update is required by Buyer.) Each party will pay its own attorney's fees and costs to document and close this transaction.
Closing Costs. Buyer and Seller must pay, in Good Funds, their respective closing costs and all other items required to be paid at Closing, except as otherwise provided herein.