A final statement of account presented to the Purchaser by the Developer’s lawyer at the Closing of the transaction. It details any extra charges that are the result of changes to the plans or specifications made by the Purchaser and agreed to by the Developer after the initial Purchase Agreement was made. It also lists other normal Closing costs and adjustments such as for GST, legal fees, mortgage and mortgage insurance application fees, interest adjustments and tax adjustments. These adjustments are due and payable, together with the balance of the purchase price, at the Closing of the transaction.
Document prepared by the vendor's lawyer which sets out the purchase price and any items which need to be apportioned between the parties (i.e. realty taxes, fuel oil, insurance payments, etc.). Used to calculate the balance to be paid by the purchaser to the vendor on closing.
A document for each of the Purchaser and Vendor showing how much the Purchaser must pay and how much the Vendor will receive.
A document detailing the exact amount owed by the purchaser to the vendor upon closing. It includes the balance of the purchase price, reimbursement for any prepaid utilities or services and lawyer/notary fees and costs.
Closing statements in a real estate transaction that set out the sources of funds that make up the purchase price, adjustments to and from the purchase price, the final amount required from the purchase and the amount due to the seller. Lawyers will prepare a statement for the seller and the buyer.
Closing statements in a real estate transaction which set out the sources of funds which make up the purchase, the final amount required from the purchase and the amount due to the vendor. Lawyers will prepare a statement for the vendor and the purchaser.
A Statement prepared to include the purchase price, deposit, real estate commissions, legal fees, property purchase tax, property taxes and all adjustments that should be made between the parties. The net result of the transaction is clearly set out for the vendor or purchaser to see.
A statement prepared by the solicitor for the vendor setting out, in balance sheet form, the credits to the vendor (e.g. purchase price, prepaid taxes, prepaid insurance, etc.) and the credits to the purchaser (e.g. deposits, arrears in taxes prior to the date of closing) and the balance due on closing, so that both the purchaser and the vendor will have a record, at the date of closing, of the financial breakdown of the transaction.