Closing Costs/Points Sample Clauses
The Closing Costs/Points clause defines which party is responsible for paying the various fees and charges associated with finalizing a real estate transaction, such as loan origination fees, title insurance, and appraisal costs. Typically, this clause specifies whether the buyer, seller, or both will cover these expenses, and may outline how points—fees paid to reduce a loan's interest rate—are allocated. Its core function is to ensure transparency and prevent disputes by clearly assigning financial responsibilities related to closing the deal.
POPULAR SAMPLE Copied 1 times
Closing Costs/Points. When Buyer uses one of Seller’s Approved Lenders, Seller shall pay up to of Buyer’s closing costs, exclusive of prepaid items, appraisal fee, credit check, underwriting fees, funding fees, mortgage insurance premiums or private mortgage insurance fees. When Buyer chooses to use their own Lender, Seller will pay towards Buyer’s Closing Costs. Buyer’s closing costs eligible for above payments shall include: mortgage origination fees; release fees; flood certification and tax service fees; lender inspection fee; City and State recording taxes; Lender’s title insurance coverage; physical survey; and settlement agent’s document preparation and review fees. Seller authorizes Buyer, as allowed by the lender, to lock in interest rate and discount points for the specified type loan any time before Settlement, per addendum if applicable. Buyer shall be responsible for payment all prepaid items, including but not limited to: credit check & verification fees; cost of appraisal; applicable funding fees; discount points; buy-down fees; extended lock-in fees; assignment fees; underwriting fee; initial escrows and premiums for hazard insurance, flood insurance, mortgage insurance and real estate taxes; prepaid mortgage interest, owners title insurance; Buyer’s attorney’s fees; or any like fees or charges of Discount Points to obtain the specified financing. Seller authorizes Buyer, as allowed by the lender, to lock in interest rate and discount points for the specified type loan, any time before Settlement, per addendum if applicable. By my/our signature(s) below, I/we authorize the above named Lender to release all financial information deemed necessary in this transaction, to the parties listed below. The Purchaser(s) and the cooperation Realtor® (Buyer/Broker) hereby consent to an open line of direct communication between all parties to this transaction. The term “closing costs” shall not include amounts due for: prepaid items, including but not limited to prepaid interest, initial premiums and escrows for hazard insurance, flood insurance, mortgage insurance premiums and real estate taxes; applicable funding fees; credit checks; reservation fees; extended lock-in fees; buy-down fees; mortgage commitment fees; assignment fees; document review; document preparation fees, verification fees, underwriting fees, owners title insurance; Buyer’s attorney’s fees; or any like fees or charges. Any Seller contribution to closing costs shall be inclusive of amounts paid, or to be ...
Closing Costs/Points. The Seller, on date of transfer, agrees to pay a portion of the Buyer’s closing costs, including pre- payable and points associated with conventional or VA mortgage financing, up to the amount of .