What is a statement of adjustments in a Manitoba real estate closing?

This answer covers the law of Manitoba.

A statement of adjustments is the closing worksheet that shows the final money owing between buyer and seller on the day the sale completes. It is a plain accounting of what each side owes the other at closing, and the details depend on your offer to purchase and your situation, so it helps to read each line carefully.

The exact items and how each one is divided depend on what your offer to purchase says, so it is worth confirming with a lawyer. The bottom line tells the buyer how much more to bring and tells the seller what they will receive.

Land transfer tax is one cost that affects the cash a buyer needs to bring to closing. Land transfer tax is payable by the buyer, with some exceptions, and it is calculated on the fair market value on the registration date, not simply the contract price. It is due when the transfer of title is registered. Ask your lawyer to walk you through your statement before closing day and to explain any line you do not recognize.