Which of the following is a usual expense of the buyer as stated in the contract?

The correct answer, loan application fees, is a usual expense for the buyer as outlined in real estate contracts. When a buyer applies for a mortgage or any type of financing to purchase a property, they typically incur loan application fees. These fees are charged by the lender to process the application and evaluate the buyer’s creditworthiness, which is essential for approving the loan.

Understanding the context of this expense is important, as it falls within the typical financial responsibilities of a buyer during the home purchase process. Other costs associated with home buying might include various inspections, appraisal fees, and closing costs, but loan application fees are directly linked to the buyer's seeking of funding for the purchase.

In contrast, a deed preparation fee is usually the responsibility of the seller because it pertains to transferring the property title. The release of existing liens typically involves the seller resolving any debts against the property before a sale is finalized. Tax statements can vary but are often dealt with as part of the closing process and may not be a direct out-of-pocket expense for the buyer.