What is the Statement of Adjustments?

Statement of adjustment is the Document that is prepared by your Notary or Lawyer and it shows all the expenses associated with the Purchase or Sale of the property.

For example if you are selling the property and already pre- paid Property taxes for the whole year, or for Strata fees for the current month, Statement of Adjustments will provide credit to you as a seller for the amounts that you over paid. Also, Statement of Adjustments will show total Real Estate fees and Legal fees payable on the transaction.

If you are purchasing the property, Statement of adjustments will reflect your closing costs, for example Property Transfer tax; cost of Strata forms, Legal fees and cost of getting financing.

The outcome of Statement of adjustments is the amount that Seller will receive after the sale is completed and for the Buyer it will show the amount that they need to bring to the Notary prior to closing to complete the sale.