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Updated almost 5 years ago,

User Stats

362
Posts
221
Votes
Ray Slack
  • Investor
  • White Haven PA
221
Votes |
362
Posts

Question about MAR contract Buyer & Seller closing fees

Ray Slack
  • Investor
  • White Haven PA
Posted

My questions is on the MAR contract the clause that deals with how closing fees are split between the buyer and Seller.  The clause is below:  I would interpret this to mean that unless there are any title defects or encumbrances on the property then the title company can not charge the seller any fees and the buyer would be responsible for the title search and all closing fees.. Anyone challenged a title company trying to charge the seller a closing fee or settlement fee under this MAR contract?

Thanks

Ray

24. SETTLEMENT COSTS: Buyer agrees to pay all settlement costs and charges including, but not limited to, all Lender's fees in connection herewith, including title examination and title insurance fees, loan insurance premiums, all document preparation and recording fees, notary fees, survey fees where required, and all recording charges, except those incident to clearing existing encumbrances or title defects, except if Buyer is a Veteran obtaining VA financing, those prohibited to be paid by a Veteran obtaining VA financing,which prohibited charges shall be paid by Seller. Buyer Broker flat fee cannot be charged to Buyer nor to Seller per VA Reg. Part 38 CFR 36.4313(b).

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