4Closing Costs Sample Clauses
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, this clause will specify whether the buyer, seller, or both will cover costs like title insurance, escrow fees, transfer taxes, and attorney fees. By clearly allocating these financial responsibilities, the clause helps prevent disputes and ensures both parties understand their obligations before the transaction is completed.
4Closing Costs. Except as otherwise expressly provided herein, Buyer shall pay, on Closing, the cost of a survey or the updating of any survey furnished by Seller, the title insurance premium for Buyer’s owner’s title insurance policy, any escrow fees and other customary charges of the Title Company and the cost of recording the Deed. Seller shall pay, on the Closing Date, any recording costs associated with the removal of encumbrances to title and all transfer, documentary, sales, use, stamp, registration, real estate, excise or such other similar conveyance or assignment taxes (including interest and penalties), if any, imposed in connection with the transactions described in this Agreement. Except as set forth in this Agreement, the customs of the county in which the Property is located shall govern prorations as to the Property.
4Closing Costs. Subject to Section 2.14, the Operating Partnership shall be responsible for (i) reassessments, (ii) escrow charges, (iii) the cost of any endorsements to the Owner’s Title Policy which the Operating Partnership shall require, (iv) all costs associated with any new Property Reports obtained by the Operating Partnership and (v) all costs relating to the issuance of the Franchise Agreement and any new loan fees. The Contributor shall be responsible for (i) the cost of the Owner’s Title Policy (with extended coverage) obtained by the Operating Partnership, (ii) any documentary or other transfer taxes, (iii) any recording taxes or fees, (iv) all costs associated with an updated title commitment/search, (v) the cost of scheduling, ordering and providing the Operating Partnership an approved change of ownership PIP, but not the cost of the work covered by the PIP and (vi) any withholding taxes required to be paid and/or withheld in respect of the Contributor at Closing as a result of the Contributor’s tax status. Each party will pay its own attorneys’ fees for this transaction.
4Closing Costs. Except as otherwise expressly provided herein, Buyer shall pay, on Closing, the cost of a survey or the updating of any survey furnished by Seller, the title insurance premium for Buyer’s owner’s title insurance policy, and the cost of recording the Deed. Seller shall pay, on the Closing Date, any recording costs associated with the removal of encumbrances to title and all transfer, documentary, sales, use, stamp, registration, real estate, excise or such other similar conveyance or assignment taxes (including interest and penalties), if any, imposed in connection with the transactions described in this Agreement. Seller and Buyer shall each pay fifty percent (50%) of any escrow fees and other customary charges of the Escrow Agent. Except as set forth in this Agreement, the customs of the county in which the Property is located shall govern prorations as to the Property closing costs.
4Closing Costs. The Operating Partnership shall be responsible for (i) all costs associated with the Preliminary Title Report and obtaining the Title Documents, (ii) the premium for the Owner’s Title Policy (including extended coverage) and any required endorsements, (iii) all costs associated with the lender title insurance policy including any endorsements required by the lender, and (iv) all fees and costs associated with the Updated Survey, if any, and any third party reports obtained by the Operating Partnership during the Due Diligence Period. The Contributor shall be responsible for (i) any documentary or other transfer taxes, (ii) any recording taxes or fees, and (iii) any withholding taxes required to be paid and/or withheld in respect of the Contributor at Closing as a result of the Contributor’s tax status. All escrow fees and charges and any other Closing costs shall be paid one-half by the Operating Partnership and one-half by the Contributor. Each party will pay its own attorneys’ fees for this transaction.
4Closing Costs. Subject to Section 2.15, the Operating Partnership shall be responsible for (i) reassessments, (ii) escrow charges, (iii) the cost of any endorsements to the Owner’s Title Policy, including costs of extended coverage or other modifications for the Owner’s Title Policy which the Operating Partnership shall require, (iv) all costs associated with any new Property Reports obtained by the Operating Partnership; (v) any recording taxes or fees; (vi) any documentary or other transfer taxes; (vii) any fees related to the Operating Partnership’s assumption of the Existing Loan, if any, (viii) the cost of scheduling, ordering and providing the Operating Partnership an approved change of ownership PIP, and (ix) all costs relating to the issuance of the Franchise Agreement. The Contributor shall be responsible for (i) the cost of the basic coverage Owner’s Title Policy (without extended coverage) obtained by the Operating Partnership, (ii) all costs associated with an updated title commitment/search, (iii) any withholding taxes required to be paid and/or withheld in respect of the Contributor at Closing as a result of the Contributor’s tax status. Each party will pay its own attorneys’ fees for this transaction.
4Closing Costs. Subject to Section 2.14, the Operating Partnership shall be responsible for (i) reassessments, (ii) escrow charges, (iii) the cost of any endorsements to the Owner’s Title Policy which the Operating Partnership shall require, (iv) all costs associated with any new Property Reports obtained by the Operating Partnership and (v) all costs relating to the issuance of the Franchise Agreement. In addition, Operating Partnership shall be responsible for (i) the cost of the Owner’s Title Policy (with extended coverage) obtained by the Operating Partnership, (ii) one-half of any documentary or other transfer taxes, (iii) any recording taxes or fees, (iv) all costs associated with an updated title commitment/search, The Contributor shall be responsible for (i) any fees related to the Operating Partnership’s assumption of the Existing Loan, if any, (i) the cost of scheduling, ordering and providing the Operating Partnership an approved change of ownership PIP, and (ii) any withholding taxes required to be paid and/or withheld in respect of the Contributor at Closing as a result of the Contributor’s tax status. Each party will pay its own attorneys’ fees for this transaction.
4Closing Costs. Subject to Section 2.14, the Operating Partnership shall be responsible for (i) reassessments, (ii) escrow charges, (iii) the cost of the Owner’s Title Policy (with extended coverage) and the cost of any endorsements to the Owner’s Title Policy which the Operating Partnership shall require and the cost of the updated to the Commitment/Search, (iv) all costs associated with any new Property Reports obtained by the Operating Partnership, and (v) all costs relating to the issuance of the New Franchise Agreement. The Contributor shall be responsible for (i) any documentary or other transfer taxes, (ii) any recording taxes or fees charged for recording the Deed, (iii) the cost of scheduling, ordering and providing the Operating Partnership an approved change of ownership property improvement plan and (iv) any withholding taxes required to be paid and/or withheld in respect of the Contributor at Closing as a result of the Contributor’s tax status. Each party will pay its own attorneys’ fees for this transaction.
4Closing Costs. Subject to Section 2.14, the Operating Partnership shall be responsible for
4Closing Costs. Subject to Section 2.13, the Operating Partnership shall be responsible for (i) reassessments, (ii) escrow charges, (iii) the cost of any endorsements to the Owner’s Title Policy and/or extended coverage which the Operating Partnership shall require along with any required survey of the Property required for issuance of extended coverage, (iv) all costs associated with any new Property Reports obtained by the Operating Partnership (v) certain outstanding vendor invoices to be agreed upon by the Operating Partnership and the Contributor, including (a) the cost of the Owner’s Title Policy (without extended coverage) obtained by the Operating Partnership, (b) any documentary or other transfer taxes, (c) any recording taxes or fees, (d) the cost of scheduling, ordering and providing the Operating Partnership an approved change of ownership PIP, and (e) any withholding taxes required to be paid and/or withheld in respect of the Contributor at Closing as a result of the Contributor’s tax status, which shall not cumulatively exceed $485,000, and (vi) all costs relating to the issuance of the Franchise Agreement. The Contributor shall be responsible for (i) the cost of the Owner’s Title Policy (without extended coverage) obtained by the Operating Partnership, (ii) any documentary or other transfer taxes, (iii) any recording taxes or fees, (iv) the cost of scheduling, ordering and providing the Operating Partnership an approved change of ownership PIP, and (v) any withholding taxes required to be paid and/or withheld in respect of the Contributor at Closing as a result of the Contributor’s tax status to the extent they exceed the $485,000 cap provided above. The Operating Partnership shall pay its own attorney’s fees and costs incurred in this transaction.
4Closing Costs. Except as otherwise expressly provided herein, Seller shall pay, on the Closing Date, (i) the cost of the title insurance premium for the basic coverage Owner’s Policy; (ii) any applicable transfer taxes; and (iii) the cost to record the Deed, including any documentary fee thereon. Except as otherwise expressly provided herein, Purchaser shall pay, on the Closing Date, (i) any escrow fees and any customary settlement charges of the Title Company; (ii) loan costs including loan policy and endorsements required by lender, if any; (iii) the cost to prepare the Survey; and (iv) the cost of its inspection. Except as otherwise provided herein, each party shall pay its own attorneys’ fees.