Who prepares the statement of adjustments in an Ontario real estate deal?

In Ontario, the seller's lawyer typically prepares the statement of adjustments. This document is part of the closing package that the seller's lawyer prepares and sends to the buyer's lawyer in the days leading up to closing. The buyer's lawyer reviews it on behalf of the buyer to verify the calculations and flag any errors or disputes.

The statement of adjustments is one of several documents exchanged between lawyers before closing, alongside the transfer/deed, discharge of mortgage, direction regarding title, and other required documents. The process in Ontario is largely paperless and handled through lawyers exchanging electronic documents and funds through the Teranet land registration system.

Once both lawyers agree on the statement of adjustments, the buyer's lawyer confirms the exact amount of funds the buyer needs to deliver by wire transfer. If there is a dispute — for example, a disagreement over the property tax figure used, or whether a fuel oil adjustment is warranted — the lawyers work it out before closing, not after. Buyers should receive a copy of the statement of adjustments and review it with their lawyer before wiring any funds. Never transfer closing funds without understanding what you are paying for.