Customary Closing Costs definition
Customary Closing Costs means the reasonable and customary closing costs and commissions paid for at the time of the closing of the sale of the Tower Units, not to exceed in the aggregate six percent (6%) of the gross sales price of each such Tower Unit.
Customary Closing Costs means the following customary and reasonable costs a seller incurs in the sale of real property: title insurance and endorsements premium; abstracting and title examination costs; recording fees; documentary fee; certificate of taxes fee; survey costs; credit report fee; appraisal fee; broker’s fee; attorneys’ fees; title insurance company document preparation and closing fees; and any other closing costs that would ordinarily result in the reduction of a seller’s basis in the real property being sold for the purpose of determining any capital gain under the Internal Revenue Code.
Examples of Customary Closing Costs in a sentence
The Total Price of each unreleased Unit, cabana or other appurtenance thereto as reflected in Part VIII of the Project Schedules (as modified or updated from time to time pursuant to Section 9.6.4 as Sales Contracts are entered into), less only Customary Closing Costs and the portion of the Escrow Deposits for such Unit which are allowed to be used in accordance with applicable Requirements to fund a portion of the Project Costs of the applicable Improvements.