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Closing Adjustments on Residential Real Estate Closing

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An Agreement of Purchase and Sale states that the balance of the purchase price on the closing date will be paid by certified cheque subject to the usual adjustments. The certified cheque required from purchasers by the law office for closing will include any such ADJUSTMENTS payable on closing.

On a resale home, adjustments consist of items already prepaid beyond the closing date by the seller that benefit the purchaser after the closing date, which are pro-rated, and a credit is given to the seller as an adjustment on closing. Some examples of closing adjustments on a resale home are for prepaid realty taxes, prepaid condominium fees (if the property purchased is a condominium), and fuel oil (if property has an oil furnace).

On a new home purchased from a builder, closing adjustments are greater than on a resale home since adjustments (when buying from a builder) can include hydro and water meter installation costs, Tarion New Home Warranty Enrolment Fee, boulevard tree planting, driveway paving, grading deposit, gas water heater, educational lot levy, municipally required fencing (if needed) and many other items which are not normally adjusted when one buys a resale property.


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