Adjustments (credits or debts regarding financial costs) will be made to settle the sale of the home. This will account for any expense incurred, (or income earned on rental properties), by yourself or the buyer, as of the day of closing.
These fees could include city property taxes, school taxes, monthly condominium fees, utilities and insurance. Any expenses you have prepaid before closing day are pro-rated. The buyer will reimburse you for the period during when you no longer own the property.
Expenses you might not have yet paid, but which apply to the time during which you owned the home, are also pro-rated and reimbursed by you to the buyer.
If the buyer is assuming your mortgage, adjustments will also be made - the outstanding principal, accrued interest, any funds held in a tax fund and first and last month's rent on rental premises.