When buying a resale home, the purchase price is always payable subject to the usual adjusments at closing. But what do these adjustments mean?

These adjustments refer to the fact that any amount that the seller has already prepaid will be adjusted so that you as the homebuyer will pay the excess amount back to the seller and vice-versa. The payments can include:
-municipal property and school taxes
-utilities (hydro, gas, water or fuel/oil), including HST
-monthly condominium fees if applicable
-last month rent for rental units that may come with the home and are leased out at the time of purchase if applicable
-legal fees and disbursements (plus HST), payable to your real estate attorney
-appraisal fees for arranging a new mortgage 
-land transfer tax
These adjustments can amount to as much as 2% of your purchase price. 
The buyer is required to cover the home inspection costs prior to closing (that can amount between $400 and $700 depending on the size and location of the property).

Other fees you may incur when purchasing a resale home are:
-insurance costs for high ratio mortgages (If your downpayment is less than 20% of the purchase price , you will be required to pay a one time insurance amount of your loan premium)
-title insurance- not mandatory but highly recommended.
Make sure you plan for these fees so that you are not caught by surprise and if you have any questions about the process or need more information, feel free to contact us at [email protected] or by phone at 647-261-1405. 
Happy Home Buying!