Closing adjustment worksheet

1. Property tax adjustment

Take the annual levy from the current municipal tax bill for this property — not an estimate, not last year's figure unless that is what the bill shows.

Enter the closing date and the annual tax to see the calculation.

Instalment billing, arrears, supplementary assessments and lender tax accounts all change this. Confirm the exact treatment with your municipal tax office and your lawyer.

2. Condo / common expense adjustment

Use the monthly contribution shown on the status certificate or estoppel certificate, including any special assessment instalment described there.

Enter the closing date and the monthly common expense to see the calculation.

Reserve fund contributions, special assessments and any arrears are handled separately — read the status certificate with your lawyer. See condo ownership costs.

3. Prepaid fuel and utilities

Oil or propane left in a tank is normally measured at closing and bought from the seller at the supplier's invoiced price. Metered utilities are usually not adjusted at all: the accounts are read and closed on the closing date and each party pays its own final bill. Enter units and unit price only if a fuel adjustment applies.

Enter measured units and the invoiced unit price to see the calculation.

Book the meter readings and account transfers before possession day — see the utilities setup guide.

4. Lawyer-provided and other adjustments

Add each remaining line exactly as your lawyer or notary states it — rent and deposit transfers on a tenanted property, water or sewer accounts billed to the property, local improvement charges, deposit credits, or a per diem interest item. Type the figure from the statement; nothing here is generated.