Definition : Real estate tax - Adjustments

The action of allocating between the purchaser and the vendor the real-estate taxes already paid at the time of the sale, on a prorate basis of the time of possession of each of them.

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Before purchasing the apartment of your dreams, find out the status of the expenses (condo fees) of the apartment owing by the vendor, as you will have to pay the arrears once you become the owner of the apartment.
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