Adjustments

In a real estate transaction, the adjustments may in particular include the municipal and school taxes. Adjustments may also include the rents in the case of a rental property or any rent that the seller agrees to pay to the purchaser when he continues to live in the property between the date of signing of the deed of sale and the occupancy of the property by the buyer, the interest in the case of assumption of mortgage, the condo fees, the contingency fund, the content of the oil tank, the contributions to an association of owners of a lake, etc.

The buyer must pay to the seller what would have been paid in advance. On the other hand, the seller must refund to the buyer the sums that have not yet been paid at the time of the transaction and which are owed by the seller.

The notary will deduct from the sale price any amount owed by the seller, such as property taxes in arrears, mortgage debt to repay, commission of the real estate broker, discharge fees, fees for a new certificate of location, etc.