What Is A Statement of Adjustments?

Understanding the Statement of Adjustments is essential when buying a home in Ontario. This financial document, prepared by the seller’s lawyer, ensures a fair division of costs between the buyer and seller at closing. It accounts for prepaid expenses like property taxes, condo fees, and utility payments, adjusting the final amount the buyer must pay. Without this document, buyers could unknowingly overpay for costs they aren't responsible for. Want to know how it affects your home purchase and what to watch for before closing? Read on to ensure a smooth transaction.