Common use of Costs of Title Company and Closing Costs Clause in Contracts

Costs of Title Company and Closing Costs. Costs of the Title Company and other Closing costs incurred in connection with the Closing will be allocated as follows: (a) Seller shall pay (i) Seller’s attorney’s fees; (ii) one-half (1/2) of escrow fees, if any; (iii) the cost of recording any discharges or satisfactions of liens that are the Seller’s responsibility to cure at Closing; and (iv) the realty transfer tax. (b) Purchaser shall pay (i) the costs of recording the Deed to the Property and all other documents; (ii) the premium for an owner’s title insurance policy, the cost of customary title searches, the cost of any additional coverage under the title insurance policy or endorsements; (iii) all premiums and other costs for any mortgagee policy of title insurance, including but not limited to any additional coverage or endorsements required by the mortgage lender; (iv) Purchaser’s attorney’s fees; (v) one-half (1/2) of escrow fees, if any; (vi) the costs of the Updated Survey, as provided for in Section 6.1; and (vii) the New Jersey “Mansion Tax” to the extent required pursuant to N.J.S.A. 46:15-7-2. (c) Any other costs and expenses of Closing not provided for in this Section 10.5 shall be allocated between Purchaser and Seller in accordance with the custom in the area in which the Property is located.