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there is a term, saying "except as provided by 12(A)(4) below, buyer shall pay any and all association fees or other charges resulting from the transfer of the property not to exceed $ _____ and seller shall pay any excess"
my understanding is that these fees include any other closing cost that is NOT listed in other portions of the contract, such as the deed fee and notary fee?
In other words, I consider this term as who pays the Miscellaneous fees of what amount.
Not sure this is correct.
I guess the buyer could even put 0 there, right?
I am sure that each state has different "customary" fees paid by the Seller versus the Buyer.
Yes the Buyer could have indicated the amount of $0.00.
In Georgia we also have an addendum that we include to disclose the HOA amounts, what they incur, who pays for the transfer fee and the settlement letter from the HOA or management company.
I don't believe in blanks or unfilled parts of a contract. I think it is too ambiguous and should be completed with a specific amount or 0.00. I would ask for clarity.
there is a term, saying "except as provided by 12(A)(4) below, buyer shall pay any and all association fees or other charges resulting from the transfer of the property not to exceed $ _____ and seller shall pay any excess"
To me, the clause is somewhat ambiguous and you should seek clarification. Is it meant to cover association fees and other association charges...or are transfer taxes and/or recording fees, etc. included?
there is a term, saying "except as provided by 12(A)(4) below, buyer shall pay any and all association fees or other charges resulting from the transfer of the property not to exceed $ _____ and seller shall pay any excess"
my understanding is that these fees include any other closing cost that is NOT listed in other portions of the contract, such as the deed fee and notary fee?
In other words, I consider this term as who pays the Miscellaneous fees of what amount.
Not sure this is correct.
I guess the buyer could even put 0 there, right?
No one can even give a guess at what this refers to because you don't say which state/county you are doing business in.
If you want Misc buyer costs covered, that goes in 12A1. The 12A3 is specific to the association transfer fees for the complex.
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