The Agreement of Purchase and Sale normally states that the balance of of the purchase price on the closing shall be due and payable subject to the usual adjustments.  Adjustments include already any items that are prepaid beyond the closing by the seller that benefit the purchaser after the closing date.  These will be pro-rated and credited back to the seller as an adjustment on closing.  Some examples include the following but are limited to:

Resale of Home

  • Property taxes
  • Condominium fees (if property purchased is a condo)
  • Refill of Oil Tank (if method of heating is oil)
  • Pre-paid rent. (if property is an investment where tenancy is applicable)

New Construction of Home

For a new construction, adjustments differ from a resale, refer back to your agreement of purchase and sale to confirm what is included and what is not included in the agreed upon purchase price.  Adjustments can compromise any of the following but not limited to:

  • Property taxes
  • Cost of the Tarion Warranty Program
  • Hydro/Water Installation of meter
  • Transfer Deed Preparation fee
  • Grading deposit
  • Rental of Hot Water Tank
  • Driveway paving