Common use of Close Date Clause in Contracts

Close Date. Buyer acknowledges that, as an accommodation to Buyer, Seller provides an in house sale processing service for Buyer’s purchase transaction and charges a processing fee, and that Seller is not a licensed escrow company. Buyer may at Buyer’s option, elect to have an outside licensed escrow company reasonably acceptable to Seller process this transaction all at Buyer’s expense (including any escrow fees and other charges that are normally chargeable to Seller); provided, however, that Buyer shall notify Seller in writing of such election within three (3) days of Buyer’s execution of this Agreement. In the event Buyer elects to have an outside escrow company process this transaction, but fails to timely notify Seller of this election, Seller shall be entitled to collect from Buyer at the Close of Escrow (defined below) Seller’s sale processing fee for this transaction and any costs or expenses incurred by Seller in connection with its processing of this transaction prior to the time that Seller received notice of Buyer’s election. Whether this transaction is processed on an in house basis with Seller, or an outside escrow company is used at Buyer’s election, the processing of this transaction shall be referred to as an “escrow” and the entity processing the transaction shall be referred to herein as the “Escrow Holder.” The close of escrow (the “Close Date” or “Close of Escrow”) shall occur on , unless a sooner Close Date is agreed to by the parties in writing .