# 50 C.F.R. § 253.18 (2026): Closing

> Federal · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/CFR_T50_P253_S253_18

## Section

- **Citation:** 50 C.F.R. § 253.18 (2026)
- **Heading:** Closing
- **Jurisdiction:** Federal
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Title 50 CFR: Wildlife and Fisheries / Chapter II: NATIONAL MARINE FISHERIES SERVICE, NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION, DEPARTMENT OF COMMERCE / Part 253: FISHERIES ASSISTANCE PROGRAMS / Subpart B: Fisheries Finance Program / § 253.18: § 253.18   Closing.

## Text

(a)
Approval in principle letters.
Every closing will be in strict accordance with a final approval in principle letter.
(b)
Contracts.
Promissory notes, security documents, and any other documents the Program may require will be on standard Program forms that may not be altered without Program written approval. The Program will ordinarily prepare all contracts, except certain pledges involving real property or other matters involving local law, which will be prepared by each obligor's attorney at the direction and approval of the Program.
(c)
Additional requirements.
At its discretion the Program may require services from applicant's attorneys, other contractors or agents. Real property services required from an applicant's attorney or agent may include, but are not limited to: Title search, title insurance, mortgage and other document preparation, document execution and recording, escrow and disbursement, and legal opinions and other assurances. The Program will notify the applicant in advance if any such services are required of the applicant's attorneys, contractors or other agents. Applicants are responsible for all attorney's fees, as well as those of any other private contractor. Attorneys and other contractors must be satisfactory to the Program.
(d)
Closing schedules.
The Program will not be liable for adverse interest-rate fluctuations, loss of commitments, or other consequences of an inability by any of the parties to meet the closing schedule.

## Nearby sections

- [50 C.F.R. § 253.10 (2026) § 253.10   General definitions.](https://www.frixlaw.com/law-library/statutes/CFR_T50_P253_S253_10.md)
- [50 C.F.R. § 253.11 (2026) § 253.11   General FFP credit standards and requirements.](https://www.frixlaw.com/law-library/statutes/CFR_T50_P253_S253_11.md)
- [50 C.F.R. § 253.12 (2026) § 253.12   Credit application.](https://www.frixlaw.com/law-library/statutes/CFR_T50_P253_S253_12.md)
- [50 C.F.R. § 253.13 (2026) § 253.13   Initial investigation and approval.](https://www.frixlaw.com/law-library/statutes/CFR_T50_P253_S253_13.md)
- [50 C.F.R. § 253.14 (2026) § 253.14   Loan documents.](https://www.frixlaw.com/law-library/statutes/CFR_T50_P253_S253_14.md)
- [50 C.F.R. § 253.15 (2026) § 253.15   Recourse against parties.](https://www.frixlaw.com/law-library/statutes/CFR_T50_P253_S253_15.md)
- [50 C.F.R. § 253.16 (2026) § 253.16   Actual cost.](https://www.frixlaw.com/law-library/statutes/CFR_T50_P253_S253_16.md)
- [50 C.F.R. § 253.17 (2026) § 253.17   Insurance.](https://www.frixlaw.com/law-library/statutes/CFR_T50_P253_S253_17.md)
- [50 C.F.R. § 253.18 (2026) § 253.18   Closing.](https://www.frixlaw.com/law-library/statutes/CFR_T50_P253_S253_18.md)
- [50 C.F.R. § 253.19 (2026) § 253.19   Dual-use CCF.](https://www.frixlaw.com/law-library/statutes/CFR_T50_P253_S253_19.md)
- [50 C.F.R. § 253.20 (2026) § 253.20   Fees.](https://www.frixlaw.com/law-library/statutes/CFR_T50_P253_S253_20.md)
- [50 C.F.R. § 253.21 (2026) § 253.21   Demand by guaranteed noteholder and payment.](https://www.frixlaw.com/law-library/statutes/CFR_T50_P253_S253_21.md)
- [50 C.F.R. § 253.22 (2026) § 253.22   Program operating guidelines.](https://www.frixlaw.com/law-library/statutes/CFR_T50_P253_S253_22.md)
- [50 C.F.R. § 253.23 (2026) § 253.23   Default and liquidation.](https://www.frixlaw.com/law-library/statutes/CFR_T50_P253_S253_23.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/CFR_T50_P253_S253_18. Check the current official text before relying on it. Not legal advice.