Closings Costs Clause Samples
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Closings Costs. At the Closing, City will pay the premium for an ALTA Standard Owner’s Policy of Title Insurance with extended coverage and the cost of transfer taxes due on the sale of the Property, if any. Dream Clean will pay the additional costs for all endorsements to its title policy, the costs of the Survey, the cost of any inspections conducted by Dream Clean and any third-party reports ordered by Dream Clean, including without limitation all Environmental Assessments and wetlands studies, and the costs of any reliance letters in favor of Dream Clean from the consultants that prepared any third-party reports. City and Dream Clean will divide equally recording and escrow fees.
Closings Costs. At the Closing, Seller shall pay the New York State Real Estate Transfer Tax imposed pursuant to Article 31 and Section 1402 of the New York Tax Law (the “State Transfer Tax”) and the New York City Real Property Transfer Tax imposed pursuant to Title 11, Chapter 21 of the New York City Administrative Code (the “City Transfer Tax”), upon or payable in connection with the transfer of title to the Property and the recordation of the Deed, which State Transfer Tax and City Transfer Tax shall, at Seller’s election, be allowed for out of the Purchase Price and paid by Purchaser on behalf of Seller. At the Closing, Seller and Purchaser shall each execute, acknowledge (if appropriate) and deliver the State Transfer Tax Return, the City Transfer Tax Return and the Transfer Report to the Title Company or to the appropriate governmental offices. All such tax payments shall be made payable directly to the order of the appropriate governmental officer or the Title Company. Except as otherwise expressly provided to the contrary in this Agreement, Purchaser shall pay (a) all charges for recording and/or filing the Deed and (b) all title charges and survey costs, including the premium on Purchaser’s Title Policy. Each of the parties hereto shall bear and pay the fees and disbursements of its own counsel, accountants and other advisors in connection with the negotiation and preparation of this Agreement and the Closing. The provisions of this Section 13 shall survive the Closing or the termination of this Agreement.