Your 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.
On a resale home, an adjustment is any item that has been prepaid by the Seller which is applied beyond the closing date and will benefit the purchaser after the closing date. The amount that has been over paid by the Seller is pro-rated, and a credit is given to the seller as an adjustment on closing.
Examples of such adjustments on the sale of a 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).
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