Does the adjustment of the purchase price to account for mortgage payments that remain on title have been recognized judicially?

The Province also cites Stavrou v. Low-Income Family Empowerment Sole-Support Parents Information Network, [2002] O.J. No. 5106 (S.C.J.), aff’d [2003] O.J. No. 2068 (S.C.J. (Div. Ct.)), as an example where the adjustment of the purchase price to account for mortgages that remain on title has been recognized judicially. There, as part of the purchase and sale transaction, the purchaser was assuming two mortgages. On closing, the purchaser refused to pay the balance owing on those two mortgages to the vendor. The vendor applied to the court for a determination of the amount owing by the purchaser under the contract of purchase and sale. The court at first instance concluded (at para. 13) that the assumption of the mortgages formed part of the total consideration between the vendor and purchaser and there was no further amount due. That conclusion was affirmed on appeal.