How to make adjustments to the Statement of Adjustments, Net Proceeds and Cash to Bring

Prolegis allows for a significant amount of flexibility in dealing with financial adjustments to your real estate transaction.  There are a number of ways financial information and adjustments are added to the Statement of Adjustments, the Net Proceeds (sale and refinance) and the Cash to Bring (purchase).

To add an adjustment, navigate to the Statement of Adjustments action, the Net Proceeds action or the Cash to Bring action, as applicable.

Any adjustment between the seller and the buyer should be made in the Statement of Adjustments action.

Any adjustment to the funds the buyer is required to bring to complete the purchase should be made in the Cash to Bring action.

Any adjustment to the funds available to the seller or the borrower at the close of the sale or refinance should be made in the Net Proceeds action.

Click +Adjustment to add a new adjustment. Provide a description, an amount and for the Statement of Adjustments, whether the adjustment is for the benefit of the seller or the buyer, and for the Cash to Bring / Net Proceeds, whether the adjustment is a receipt or a payment.  For payments that are prorated, click prorate and set the time frame and the amount that has been paid for the period.

If interest is payable on the adjustment, the user can select the per diem option to set the period of the interest and the interest rate.

If a fuel oil calculation is needed in Ontario, the user can select fuel oil and enter the relevant information to arrive at a calculation.

A number of the items in the Statement of Adjustments are automatically populated and do not require an adjustment.  The Purchase Price (Contract Action), Deposit (Contract Action), Property Tax Adjustment (Taxes Action), Condo Fee Adjustment (Condo Action), HOA Fee Adjustment (Statement of Adjustments Action), GST and GST rebate (Contract Action) are automatically populated and calculated as that information is entered into Prolegis.

If, for example, a renter is in the property and their needs to be an adjustment for the rent, click +Adjustment.  Complete the description and amount fields.  If the rent has been paid for the period, select that the credit is for the Buyer, if the rent has not been paid, select that the credit is for the Seller.

You may wish to add an adjustment to the cash to bring if you will be making additional payments on behalf of the buyer, for example for the payment of outstanding property taxes.

The mortgage payout information (Existing Mortgages Action) will be automatically populated in the net proceeds.

Add additional adjustments for other payouts. 

 To add a payee to a particular adjustment, select “Payment” as the Type of the adjustment and enter the Payee name in the available field.