Prorations and Closing Expenses Sample Clauses

The Prorations and Closing Expenses clause defines how certain costs and expenses related to a property transaction are divided between the buyer and seller as of the closing date. Typically, items such as property taxes, utilities, rents, and association fees are prorated so that each party pays their fair share based on their period of ownership. This clause ensures that neither party is unfairly burdened with costs that do not correspond to their time of ownership, thereby promoting fairness and clarity in the financial settlement at closing.
Prorations and Closing Expenses. Prorations shall be made as of 11:59 p.m. the day prior to the Closing Date. (a) Buyer and Seller shall each pay one-half (1/2) of all real estate conveyance or transfer tax due and payable in connection with transfer of the Property by Seller contemplated by this Agreement. (b) Buyer shall pay the cost of recording the Deed. (c) Buyer shall pay the Title Company for any and all abstract charges, premiums and other costs and charges related to any title insurance that Buyer may seek to obtain. (d) At the Closing, Seller shall pay Buyer all rent and other sums theretofore received by or on behalf of Seller under the Leases, to the extent that the same relate to any period from and after the Closing Date, all such rent and other sums to be applied in the order in which the obligations to pay the same shall have accrued. If, as of the Closing Date, Seller shall not have received the full amount of any rent or other sums payable pursuant to any of the Leases attributable to periods prior to the Closing Date, then any payments that may be received after the Closing by Seller or Buyer from or on behalf of the obligor thereof shall be applied in the order in which the obligations to pay the same shall have accrued and shall be paid to Seller or Buyer, as applicable. (e) Real estate taxes shall be prorated on a per diem basis as of the Closing Date, Seller to pay all such taxes accruing through the day prior to Closing and Buyer to pay all such taxes thereafter. (f) Seller shall be responsible for any municipal claim or lien that has been filed against the Real Property prior to the date of this Agreement, and Buyer shall be responsible for any municipal claim or lien that may thereafter be filed against the Real Property. (g) Each operating expense (including any fee or charge under a service contract or the like) that may be paid by Seller and that shall be reasonably allocated in whole or in part to a period from and after the Closing shall be prorated per diem based upon the number of days in the period to which such operating expense shall apply that shall be prior to the Closing Date (which shall be allocated to Seller) and the number of days in such period on and after the Closing Date (which shall be allocated to Buyer), and assuming that all charges are incurred uniformly during such period. If actual bills for any such period shall be unavailable as of the Closing Date, then such proration shall be made on an estimated basis based upon the most recently ...
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Prorations and Closing Expenses 
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Related to Prorations and Closing Expenses

  • Closing Expenses Seller shall pay for the preparation of the Special Warranty Deed, such deed to substantially conform to the provisions of the deed attached hereto as Exhibit B and incorporated by this reference herein. Seller shall provide and pay for all other documents necessary to perform Seller's obligations under this Contract, its attorney’s fees and for the "Grantor’s Tax". Buyer shall pay for (a) recording the Deed and for preparation and recording of all instruments required to secure the balance of the Purchase Price unpaid at Closing, (b) all recordation and transfer taxes, other than the "Grantor's Tax," (c) its attorney’s fees, (d) all costs of a title examination, a title report, a title commitment and one or more title insurance policies, and (e) all other Closing costs, including without limitation, fees to the Settlement Agent.

  • Seller’s Closing Costs Seller shall pay the following costs in connection with the consummation of the Closing: (i) all of the charges and transfer taxes for recording the deeds; (ii) all commissions owed to any broker in accordance with the terms of a separate agreement between Seller and such broker; and (iii) all other charges incurred by the Seller in connection with this Agreement (including, without limitation, the fees and expenses for the Seller’s attorneys and other consultants).

  • Closing Costs The costs attributed to the Closing of the Property shall be the responsibility of ☐ Buyer ☐ Seller ☐ Both Parties. The fees and costs related to the Closing shall include but not be limited to a title search (including the abstract and any owner’s title policy), preparation of the deed, transfer taxes, recording fees, and any other costs by the title company that is in standard procedure with conducting the sale of a property.

  • Closing Costs and Prorations Taxes and assessments for the current year, if any, shall be prorated between the prior owner of the Personal Property and Buyer as of the date of closing. Seller shall pay one-half (½) of Closing Agent’s closing and escrow fees. Buyer shall pay one-half (½) of Closing Agent’s closing and escrow fees. In addition, Buyer shall pay all other closing costs, including but not limited to: (1) recording fees for the cost of recording the State Deed; (2) the cost for any title insurance purchased at Buyer’s option; (3) lender fees, if any, together with all associated recording fees, if any;

  • CLOSING COSTS AND ADJUSTMENTS All adjustments are made as of settlement date.