The closing date for a purchase involves cost adjustments that are mentioned in the Agreement of Sale and Purchase. For a buyer, it means adjusting for and paying, for example, any prepaid property taxes or fuel oil that the seller might have paid for tht will be used by the purchaser after closing.
Your lawyer will confirm all such closing costs and direct you about the method of payment, for example, through cash or certified cheque.
At Nanda & Associate Lawyers, we are known for helping out our clients at every step. We concentrate on each client to ensure a smooth closing on the purchase.
On a resale property, the closing adjustments may include prepaid property taxes or prepaid oil or gas costs for the heating system. These costs are added to the purchase price and paid at the time of the closing to the seller.
When buying a new property from a builder the closing costs involved may be greater than for a resale home. Closing costs may include for example, water meter installation costs, tree planting, drive way paving or fencing charges.