The answer

It is a closing calculation that applies the purchase price, deposit and contract-specific credits or adjustments to determine the balance due between the parties. Property tax, condo fees, rents, utilities, holdbacks, credits, GST or other items may appear depending on the property and contract. The lawyer should explain the actual statement.

Calgary-specific context

The City of Calgary advises new homeowners to review the lawyer's property-tax adjustment and notes that TIPP is tied to the property rather than moving automatically with the owner.

What to do next

Compare every line with the contract, tax or condo statement, deposit evidence, lender funds, legal invoice and expected balance; ask about any date, amount, credit, or responsibility that does not reconcile.

Related guides

buyer guideCalgary Cash to Close and Statement of Adjustments GuideReconcile deposit credit, remaining down payment, lender funds, legal fees and disbursements, title costs, tax and condo adjustments, credits, holdbacks, GST questions, moving, immediate work, and reserve against the lawyer's final statement.buyer articleCalgary Closing Costs ExplainedClosing costs are manageable when planned early. The painful version is discovering them after writing an offer at the top of your approval.homeowner guideCalgary First 30 Days Homeowner and Property Record PlanControl locks and codes, utilities and meters, TIPP and tax accounts, address, condo registration, insurance, warranties, manuals, alarms, shutoffs, photographs, immediate work, maintenance baseline, contractor access, follow-up deadlines, and the future-resale property file.Decision playbookCalgary Real Estate Closing and Possession PlaybookCalgary Real Estate Closing and Possession Playbook for Calgary buyers, sellers, move-up households, condo owners, new-build purchasers, investors, and relocating households moving from a firm contract through legal closing, possession authorization, keys, and the first month: Turn the firm contract into a dated control file so legal work, funds, title, insurance, property condition, moving logistics, and key release reach possession without preventable surprises.

Verify before relying

Official sources for this topic

These sources explain the rules and records relevant to this topic. Check the current requirements for your property.

RECA consumer informationAlberta real estate consumer guidance.CREB housing statisticsPublic Calgary market report hub.City of Calgary property assessment and taxAssessment and property-owner information.Alberta condominium informationOfficial condominium law, document, insurance, bylaw, reserve-fund, and ownership information.CRA GST/HST new housing rebateCurrent federal eligibility, application, and recordkeeping guidance for new-housing rebates.Alberta King's PrinterOfficial Alberta legislation source for source-linked legal topics.

Check the current information at the linked source. Ask the appropriate professional how it applies to your property.

Important

Real estate rules, market conditions, property records, taxes, financing terms, bylaws, and physical conditions can change. Verify time-sensitive and property-specific facts with current official sources and the appropriate qualified professional before acting.