The statement of adjustments in the closing of an exchange is similar to that in a sale except that there are a double set of debit and credit items. Each party is charged with the price of the property he receives. Each is credited with the amount of mortgage, accrued interest and rent adjustment upon the property he receives. Sometimes if there be a difference in the agreed value of the properties, instead of charging each with the price of the property he receives, merely the difference is stated as a charge against the proper party. If there is no difference in the agreed price, they need not be stated in the adjustments.

In closing sales of leaseholds, the purchaser is not buying the land but only the lease. He should therefore examine carefully the terms of the lease which he is purchasing and know exactly the claims and rights of sub-tenants, if there be any. The items to be adjusted will consist usually of the ground rent paid to the owner of the land and rents paid by sub-tenants. The seller is entitled to credit pro rata for ground rent he has paid in advance or should be charged in the same manner if there be ground rent accrued and unpaid. The purchaser should be credited with his proportion of sub-tenant's rent paid in advance and also any deposits they may have paid as security.

Upon the closing of mortgage loans there are practically no adjustments to be made. The borrower pays all expenses, including examination of title, preparation of bond and mortgage and recording fees. The lender simply advances the amount of the loan. The bond and mortgage should be carefully examined to see that they are in accordance with the terms agreed upon, and that they are properly executed.