Please see lines 161-162 of the FAR/BAR Contract:
“The owner’s title policy premium, title search and closing services (collectively, “Owner’s Policy and Charges”) shall be paid, as set forth below.”
The contract provides several options, if they option selected is box 9 (i) on Line 172 is selected it states:
“Seller shall designate Closing Agent and pay for Owner’s Policy and Charges, and Buyer shall pay the premium for Buyer’s lender’s policy and charges for closing services related to the lender’s policy, endorsements and loan closing, which amounts shall be paid by Buyer to Closing Agent or such other provider(s) as Buyer may select”
This means that if the buyer is paying cash, then closing services will be paid by the seller. Please refer back to lines 161-162 where is clearly states that closing services are “Owner’s Policy and Charges”
It is common for a Title Company to be unaware of the contractual fee structure that the buyer and seller have agreed. They push back and try to charge fees to both parties. Call the attorney hotline to gain a greater understanding and: