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in a series of tips on buying and selling real estate: In every resale offer, the purchase price is payable "Subject To The Usual Adjustments". Adjustments fine-tune the income and expenses of a deal as of the day of closing - exactly what buyers and sellers want. Municipal Property and School taxes are items always adjusted; so if the seller has paid too much, the buyer pays the excess back to the seller; and vice versa. The principal amount of any mortgage assumed from the seller must be adjusted - together with interest since the last payment, plus any money in a tax account. The monthly condominium maintenance fee is adjusted on closing, as are first and last month's rent for rental properties. Utilities, fuel oil (plus GST) and fire insurance may need adjusting, too, depending on the property. While these out-of-pocket closing expenses can be hefty, they are legitimate charges. After all - the buyer is simply reimbursing the seller for items the buyer will benefit from after closing. Tip No. 1: Buy First Or Sell First? Tip No. 2: The Advantages Of A Resale Home Tip No. 3: The Marketing Plan Tip No. 4: Getting Interest On Your Deposit Tip No. 6: Insuring Your Mortgage Tip No. 7: Home Insurance Tip No. 8: Choosing A Lawyer Tip No. 9: The Offer To Purchase Tip No. 10: Home Inspections Tip No. 11: Surveys Tip No. 12: The Counter Offer Tip No. 13: Conditional Offers Tip No. 14: Why Buy A Brand New Home? Tip No. 15: Deposits - A Vital Part Of Every Deal
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