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In this video tutorial, Keith Barret, founder and president of Estes Settlements, discusses the adjustments provision in residential real estate contracts. He highlights the complexities that arise during closing, particularly regarding prorated items in the settlement statement. The two most common items addressed in adjustments are property taxes and homeowners association (HOA) fees. Barret explains that when a seller and buyer complete a transaction, they must account for payments made by one party up until the closing date, ensuring fair apportionment of these costs. Understanding these adjustments is crucial for both parties at closing.
