Common use of CLOSING AND SETTLEMENT Clause in Contracts

CLOSING AND SETTLEMENT. Closing to be conducted by Tennessee Valley Title, Knoxville, TN, Xxxxxx Xxxxxx, Phone # 865-523- 6254, no later than . At the closing each party shall execute and deliver all documents necessary to effect and complete the closing, any statements, including any affidavits reasonably required by the Title Company for issuance of its title policy without the standard preprinted exceptions. The Deed to be executed by Seller shall be on the form then generally used by the Title Company and shall convey to Buyer marketable fee simple title, free and clear of all liens, and encumbrances except as specified herein and insurable as such by the Title Company at standard rates on the current American Land Title Association Owner's Policy Standard Form, 1992. All blanks in all of the closing documents shall be filled in at the closing, and all documents shall otherwise be conformed to meet the requirements of the parties as expressed in this Contract. Buyer shall pay: (1) all title examination updates and insurance (at Buyer's option and expense); (2) one-half closing fee; (3) recording of deed and (4) Pro-Rata share of the current year taxes. Seller shall pay: (1) title examination prepared for auction; (2) one-half closing fee; (3) preparation of Deed and (4) Pro-Rata share of current year taxes. 00000 Xxxxxxx Xx • Knoxville, TN 37932 • (000) 000-0000 • xxx.xxxxxx.xxx