Taxes & Adjustments

In addition to your primary purchase costs, you will also need to account for closing adjustments, which reimburse the seller for any prepaid expenses.”

Property Tax Adjustments

If the seller has already paid property taxes for a period that extends beyond the closing date, you may be required to reimburse the seller for your portion.
Your lawyer will calculate this adjustment as part of the closing statement.

Other Adjustments

Depending on the property, adjustments may also apply to items such as:

• Utilities
• Common expenses or condo fees
• Rental equipment
• Prepaid services
• Other amounts paid by the seller that extend beyond the closing date
• Your lawyer will calculate the applicable adjustments for your transaction.