Adjustments

Adjustments include, especially in a context of real estate transactions, municipal and school taxes. Adjustments may also include rents in the case of a rental property or any rent that the seller agrees to pay to the buyer in the case where he continues to occupy the property between the date of signing of the deed of sale and the date of occupancy by the buyer, interest in the case of an assumption of mortgage, condo fees, contingency fund, contents of the oil tank, contributions to an association of owners of a lake, etc.

The buyer must reimburse the seller for what would have been paid in advance. On the other hand, the seller must reimburse the buyer the amounts that would not have been paid at the time of the transaction.

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The notary will deduct, from the sale price, any amount owed by the seller, such as property taxes in arrears, balance of mortgage to be paid, the real estate broker's commission, discharge fees, costs of a new certificate of location, etc.