Closing Statements/Closing Costs Sample Clauses
The Closing Statements/Closing Costs clause defines the responsibilities of the parties regarding the preparation, review, and payment of costs associated with finalizing a transaction, typically in real estate or business sales. It outlines which party is responsible for specific expenses such as title insurance, escrow fees, transfer taxes, and recording charges, and may require the preparation of a detailed closing statement itemizing these costs. This clause ensures transparency and prevents disputes by clearly allocating financial obligations at the closing stage of the transaction.
Closing Statements/Closing Costs. (a) Seller and Purchaser shall deposit with the Escrow Agent executed closing statements consistent with this Agreement in the form required by the Escrow Agent.
(b) Seller and Purchaser shall execute such returns, questionnaires and other documents as shall be required with regard to all applicable real property transaction taxes imposed by applicable federal, state or local law or ordinance.
(c) Seller shall pay the fees of any counsel representing Seller in connection with this transaction. Seller shall also pay the following costs and expenses:
(i) one-half of the escrow fee, if any, which may be charged by the Escrow Agent or the Title Company;
(ii) the CLTA title insurance premium of the Title Policy;
(iii) the transfer tax or similar tax which becomes payable by reason of the transfer of the Property (excluding, however, any sales tax in respect of the Fee Tangible Personal Property) under applicable state or local law;
(iv) all of its recording fees in connection with the recordation of the Deed and the Memoranda described in Sections 9.2 and 9.3 hereof; and
(v) any and all other charges and fees customarily charged to the seller by Title Company in similar transactions.
(d) Purchaser shall pay the fees of any counsel representing Purchaser in connection with this transaction. Purchaser shall also pay the following costs and expenses:
(i) one-half of the escrow fee, if any, which may be charged by the Escrow Agent or the Title Company;
(ii) the additional incremental title insurance premium for the Title Policy that is directly attributable to obtaining ALTA coverage and the Purchaser’s Endorsements instead of CLTA coverage;
(iii) any and all other charges and fees customarily charged to the purchaser by Title Company in similar transactions; and
(iv) the cost of the Survey.
Closing Statements/Closing Costs. (a) Assignor and Assignee shall deposit with the Escrow Agent executed closing statements consistent with this Assignment in the form required by the Escrow Agent.
(b) Assignee and the Boulder Seller or the Longmont Seller, as applicable, shall each pay one-half (1/2) of the Closing Costs pursuant to the applicable Purchase Agreement; provided, however, (i) Assignor shall be required to pay the costs of any unamortized tenant improvements and leasing commissions, as required by Section 12(c)(4) of Addendum No. 4 to the Existing Longmont Lease (“Addendum #4), and Assignee shall be entitled to any credit, to be applied towards the Longmont Purchase Price, under Section 12(c)(4) of Addendum #4 relating to savings realized by the Longmont Seller on brokers’ commissions relating to the purchase of the Longmont Property; provided further, in the event Assignee is responsible for: (i) more than 50% of the Closing Costs for the Boulder Property and the Longmont Property under the applicable Purchase Agreement, Assignor shall reimburse Assignee for one-half of such excess amount paid by Assignee; or (ii) less than 50% of the Closing Costs for the Boulder Property and the Longmont Property under the applicable Purchase Agreement, Assignee shall pay Assignor one-half of the difference between the Closing Costs paid by Assignee and 50% of the overall Closing Costs. For purposes of this Section, “Closing Costs” shall mean the aggregate costs and expenses of the Longmont Closing and the Boulder Closing attributable to an updated survey, an owner’s title policy, title endorsements, transfer fees and taxes (excluding sales tax on personal property), recording fees, title company escrow fees and closing fees.
Closing Statements/Closing Costs. (a) Seller and Purchaser shall deposit with the Escrow Agent executed Closing Statements consistent with this Agreement in the form required by the Escrow Agent.
(b) Seller and Purchaser shall execute such returns, questionnaires and other documents as shall be required with regard to all applicable real property transaction taxes imposed by applicable federal, state or local law or ordinance.
(c) Seller shall pay the fees of any counsel representing Seller in connection with this transaction. Seller shall also pay the following costs and expenses:
(i) one-half of the escrow fee, if any, which may be charged by the Escrow Agent or the Title Company;
(ii) (iii) (iv) the cost of the Survey; the premium for the Title Policy for each of the Properties; the UCC title insurance premium for the UCC Title Policies; and