What is the Statement of Adjustments?
Irina Bartnik Notary Public • Aug 11, 2020
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 overpaid. 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.
If you have any more questions, feel free to contact me
Sincerely,
Irina Bartnik
Notary Public
