Definitions for "Statement of Adjustments"
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.