How are the property taxes, utilities, pad rent, strata fees or other adjustments dealt with when selling a property?

These customary adjustments are done through the Vendor’s Statement of Adjustments and the Buyer’s Statement of Adjustments. The lawyers will conduct searches and confirm amounts paid or owing for taxes, strata, utilities, ect… and then allocate such amounts between the parties in accordance with the days in the month or year for which the amounts are attributable. The buyer and seller review and approve their respective statement of adjustments, and the net amounts payable between, after all adjustments, is what is transferred.

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