Tel:  (416) 520-6120
(To 11pm 7days/week)
Fax: (416) 222-4277
quote@homelegalcost.com

STEPHEN H. SHUB PROFESSIONAL CORPORATION
BARRISTER, SOLICITOR, NOTARY
7 Toronto Area Law Offices Providing Legal Services in ONLY
Residential Real Estate, Title Insurance, Wills, Notary Services

Click for Locations & Maps
Click to Email Us
Incredible
Office Hours
Non-Resident
of Canada
House/Condo Tune-up FINTRAC *** HST *** Testimonials Home
Instant Quotation
About Us
7 Office Locations
Free Condo Status Review
Free Power of Attorney
Title Insurance
Existing Owner Title Insurance
First Time Home Buyers
Tax Credit
Electronic Registrations and
Choosing a Lawyer
Useful Forms and Offer Clauses
Principal Residence
Home Renovation Tax Credit
Land Transfer Tax: Ontario
Land Transfer Tax Refund: Ontario
Land Transfer Tax: City of Toronto
The Brick / Tasco
Notary Services
Closing Adjustments
HST Rebates: When Buying From Builder
Mortgage Financing
RRSP Program
OHOSP: Ont. Savings Plan
TARION: New Home Warranty
Types Of Ownership
Insurance: 3 Types
SURVEYS: Are they required?
Utilities
Condo Rules
Condo Act Changes
Buying Condo from a
Builder: Watch out..
If you are selling...
If you are buying...
Key On Closing
Title Transfer
Moving Check List
Wills
Privacy Information
Copyright and Disclaimer
Contact Us/Comments
Top of Page
 

CLOSING ADJUSTMENTS

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.

ADJUSTMENTS BETWEEN PURCHASER AND VENDOR (RESALE):
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).

ADJUSTMENTS BETWEEN PURCHASER AND BUILDER (NEW CONSTRUCTION):
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.

 

Top of Page
Free Quotation Existing Owner Title Insurance | Wills
Notary Services | Free Power of Attorney | Free Condo Status Review
Incredible Hours | Free Parking | About Us | Testimonials | Home Page


Stephen H. Shub Professional Corporation
Barrister, Solicitor, Notary
(Head Office) 5799 Yonge St. #803, Toronto, Ontario Canada M2M 3V3
Tel: (416) 520-6120 • Fax: (416) 222-4277 •
Email: quote@homelegalcost.com

Copyright © 1999 and 2014 Stephen H. Shub. All Rights Reserved.
(See Copyright and Disclaimer)