Adjustments to the Purchase Price
When you attend at our offices to endorse closing documentation and at the time of making your appointment, we will provide with the balance due on closing dollar figures that we require you to bring in by way of certified cheque or bank draft. The standard Agreement of Purchase and Sale is “subject to the usual adjustments”. These adjustments include:
1. the deposit that you provided at the time of entering into your agreement (as a credit to you);
2. realty taxes (prepaid past the closing date by the vendor = credit to vendor, otherwise credit to you);
3. condominium common expenses – if applicable (prepaid for the month in which you are closing = credit to the vendor);
4. fuel oil, etc.
Upon the purchase of a new home, the adjustments may include such items as are in the builders Agreement of Purchase and Sale, which you have endorsed, including survey costs, Ontario New Home Warranty enrolment fees, installation of hydro and water meters, etc. These are items that are not usually implemented on resale properties obviously.