The offer states that the buyer is required to "Pay the balance due on closing, subject to the usual adjustments". On a typical residential purchase, the only adjustment is for realty taxes (also known as municipal taxes), and heating (if the house is heated with oil).
The Realty Tax Adjustment could favour the buyer or the seller, depending on the timing of the closing, as well as the amount of realty taxes already paid. If the house is oil-heated, the buyer must pay for a full-tank of oil, which is currently under $1000 inclusive of GST.
Doug Walker
243 Hunter St. W.
Peterborough, ON
K9H 2L4
(705)-748-3012
Fax: (705)748-2746
Email: dfwalker@lawyer.com
