What is a statement of adjustments?
Your lawyer's final accounting of the transaction: purchase price, credit for your deposit, the mortgage advance, adjustments for anything the seller prepaid, and the exact balance you must deliver. Read every line before you sign it.
It reconciles what is owed to whom on the closing date.
Credits to you: your deposit, the mortgage advance from your lender, and any seller credits negotiated.
Charges to you: the balance of the purchase price, plus adjustments for amounts the seller paid in advance that cover time after closing. Property tax is the big one; on a condo, common expenses too. Fuel remaining in an oil or propane tank is adjusted where relevant.
The bottom line is the certified funds figure you must have in the lawyer's trust account, and you want it days early rather than on the morning.
Errors happen and adjustments can move by hundreds or thousands. Read each line, and ask about anything you do not recognize, particularly rental equipment buyouts and any holdback. This is the last point at which a mistake is cheap to fix.
Next questions
How much cash do I actually need on closing day?
Your down payment plus closing costs, which this app's own estimate puts at roughly one and a half to three percent of the price outside Toronto and above four percent inside it, because Toronto charges a second land transfer tax.
Ontario
What does a real estate lawyer actually do for the fee?
Searches title and clears defects, executes searches against the property and the parties, takes your lender's instructions, calculates and remits land transfer tax, prepares the statement of adjustments, and registers the transfer and the mortgage.
Ontario